Maricopa County and CPLC Prestamos CDFI Partnership to Support More than 2,500 Business Owners

Maricopa County and CPLC Prestamos CDFI Partnership to Support More than 2,500 Business Owners
Program to disburse $13M in 1% interest loans and specialized business coaching 

PHOENIX Maricopa County and Prestamos CDFI, a division of Chicanos Por La Causa (CPLC), come together to provide much needed access to capital combined with personalized business coaching with the launch of the Maricopa County Small Business Resilience Program. The goal is to elevate struggling small businesses in their road to recovery post-pandemic and walk along with business owners in their path to success with comprehensive resources.
 
The program will disburse $13 million to qualifying small businesses in the county in the form of loans up to $100,000 with 1% interest for up to 5 years and no initial cost. In addition, the county is covering the cost for 2,500 businesses to receive up to 5 hours of direct business support. Businesses will be paired with a specialist who will provide specialized one-on-one coaching in topics ranging from finances, strategic plans and pivoting, marketing to increase sales, and much more.
 
“This program is a good example of the Board of Supervisors putting American Rescue Plan dollars back into the business community,” said Maricopa County Board of Supervisors Chairman Jack Sellers, District 1.  “We want people to keep their jobs and we need viable businesses to accomplish that. Chicanos Por La Causa has been a great partner in helping with this effort.”
 
“While the program has a strategic two-folded approach, our relationship with business owners doesn’t end with funding and technical assistance,” said Jose Martinez, President of Prestamos CDFI and Executive Vice President of Economic Development at Chicanos Por La Causa. “We understand small business owners are doing the best they can and we need to customize to their needs but most importantly, in order to be successful, our relationship relies on mutual trust. They know we will be working with them at every step of the way with an array of services. We are all in this together; when small businesses grow, entire communities thrive.”
 
For more information on the Maricopa County Small Business Resilience Program and to apply, visit www.grow2biz.org or call 602 805-1692 ¡Grow Business Together!
 
Prestamos is dedicated to provide businesses in emerging communities the same access and opportunities to achieve success and position themselves at an advantage in the market. Prestamos helps business owners in rural and urban communities thrive at their full potential by providing the tools and resources needed to grow and succeed.
 
Prestamos is an award-winning Community Development Financial Institution (CDFI) and Community Development Entity that has provided small business loans and high-quality technical support services to business owners in underserved communities since 1980. Prestamos now offers loan products, business consulting services and investment opportunities in Arizona, California, Nevada, New Mexico and Texas. 
 
In 2021, Prestamos CDFI was named the #1 U.S. Small Business Administration PPP lender by number of loans and the #3 lender by dollar volume with $7.6 billion in approved loans in the country with an average loan amount of $15,526 serving 78% minority owned businesses.