Today's articles:
- Note from the CEO
- Relief grants are still available for nonprofits and small businesses in Maricopa county
- New nonprofit offers affordable personal low-interest loans
- Homeownership program celebrates 8th anniversary and more than 21,000 loans
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We've missed communicating with you these past few months. Our newsletter is back, and we hope you enjoy the community news and resources below.
2020 has been a unique year and COVID-19 continues to challenge Phoenix, the country, and the world. Sadly, small businesses and nonprofits have been uniquely affected. As the crisis unfolded at the beginning of the year, business community leaders — like the Phoenix IDA and Phoenix Community Development and Investment Corporation — recognized that the pandemic would negatively impact small businesses, the backbone of our community. Thanks to many collaborations, we were able to help provide grants and loans to small businesses and nonprofits in and serving Phoenix's low-income communities. In Business Magazine featured a summary of our work in a recent issue, and I hope you will take a few minutes to review that story here.
Sincerely,
Juan Salgado
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Relief grants are still available for nonprofits and small businesses in Maricopa county
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Modeled after Phoenix's Small Business Relief grant program, Maricopa County is offering grants up to $25,000* to local small businesses and nonprofit organizations experiencing financial hardship due to the COVID-19 pandemic.
Qualifications
To qualify, small businesses and nonprofits must meet the following requirements:
- Operating in Maricopa county prior to January 1, 2019. (If your organization began operating between January 1, 2019, and March 1, 2020, you may be eligible for the New Business/Nonprofit Relief Grant Program).
- Gross total revenues declined by at least 25% as a result of COVID-19 in March through June 2020 compared to March through June 2019.
- No more than 50 employees as of March 1, 2020.
- No more than $5 million in gross revenues between January 1, 2019, and December 31, 2019.
- Certify that they meet zoning and regulatory requirements and are in good standing with the Arizona Corporation Commission.
Applying for a grant does not guarantee funds will be awarded. The program is administered by the Arizona Community Foundation. Previous grant recipients may qualify, even if the business already received a grant through the City of Phoenix or the Phoenix IDA.
*While funding is available
Apply Online
Interested, qualified small businesses and nonprofits may apply at azfoundation.org/MaricopaRelief. Applications will be accepted through Friday, November 13, 2020. Grants will be awarded until funding is exhausted or the grant period closes.
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New nonprofit offers affordable personal low-interest loans
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Kylie Chamblee needed $3,000 to help purchase appliances for her new home. After applying for the new United Progress International Loan Association Fund (UPILF), she soon received the financial assistance she needed by accepting the UPILF's first loan.
“As the first person to receive a UPILF Loan, I would like to extend my gratitude for providing the opportunity to have access to an affordable loan with a realistic payment plan,” said Ms. Chamblee.
Ms. Chamblee represents just one of the millions of individuals in underserved communities who cannot access conventional bank loans and often seek assistance from predatory lenders.
“Predatory loans target the elderly, those with bad credit, and people struggling financially,” said UPILF Founder and President/CEO, Frank Crump. “Our 501(c) 3 nonprofit organization has a mandate to ensure people living in marginalized communities have a viable alternative to predatory lenders” Crump continued.
According to UPILF, it is the first African American founded community development loan fund and evolving Community Development Financial Institution in the state of Arizona. It offers access to affordable loans of up to $4,000 to unbanked and low- and moderate-income individuals. The Fund was modeled after the Jewish Free Loan Association.
Key program partners and corporate donors supporting UPILF include Marisol Credit Union, Local First Arizona, and Vitalyst Health Foundation.
For more information and/or to make a tax-deductible donation in support of the UPILF, please visit upiloanfund.us or contact Executive Director Kerwin Brown via email at kerwin@upiedu.org.
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Homeownership program celebrates 8th anniversary and more than 21,000 loans
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Interest rates are near historic lows and homeowners continue to benefit from the Home in Five Advantage program as it marks eight years of service. This innovative program, launched in 2012 by the Phoenix and Maricopa IDAs, has helped more than 21,000 homebuyers and provided more than $160 million in total assistance – including $3 million in additional assistance to first responders, teachers, and other community heroes.
The program is also offering more options for homebuyers than when it launched. At the beginning of the program, homebuyers received 3% down payment assistance (DPA) on FHA or VA loans. Today, the program offers three or more DPA levels in the original FHA or VA loans as well as on conventional loans. New choices are also coming next year! Lenders and homebuyers should watch the program website for even more loans and assistance choices.
For more information and to find an approved lender, please visit homein5advantage.com.
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