Loan fund created for small business in Yuma
Loans of up to $300,000 are being offered to small businesses in Yuma County to stimulate job creation in rural Arizona.
Chicanos Por La Causa, a nonprofit community development organization, is partnering with the State Compensation Fund to establish the $10 million fund as part of the SCF Arizona Community Jobs Investment Program.
The financing is available for any startup or operating costs for both new and existing small businesses, including retail businesses, restaurants and other service industries, manufacturers and contractors, said Rodie Ayala, loan program director for Chicanos Por La Causa.
Examples of suitable uses for the loans include acquisition or expansion of business space, and purchase of equipment or materials, she said.
Ayala said loans will be offered in amounts ranging from $50,000 to $300,000 at interest rates ranging from 7 to 8.75 percent, depending on various factors. Military veterans qualify for a 1 percent discount on interest, she added.
Given that the program is aimed at promoting job creation in the rural areas of the state, the loans are not available for businesses in Maricopa and Pima counties, Ayala said.
Chicanos Por La Causa, a Phoenix-based agency with offices in Yuma and Somerton, will select loan recipients through a competitive process among applicants, Ayala said.
For more information about the loan program, visit www.prestamosloanfund.org or call Chicanos Por La Causa at 1-602-258-9911.