Arizona’s dynamic economy offers a wealth of opportunities for entrepreneurs, but sometimes securing funding is critical to business growth. If you are a small business owner in Arizona, there are many government programs, nonprofit organizations, and financial institutions that can help you gain access to funding tailored to your needs. Below are 20 ways to secure small business loans in Arizona:
Government Loans and Non-Profit Loans
1. Arizona Commerce Authority (ACA)
Arizona Commerce Authority offers a number of small business programs, including grants, low-interest loans, and technical assistance. Additionally, ACA offers training programs and matches entrepreneurs with the resources that will help them find Arizona small business loans.
2. SBA Loans
The SBA Arizona District Office works with local lenders to make available SBA-backed loans, including the 7(a) Loan Program for general business purposes, the 504 Loan Program for the purchase of real estate and equipment, and microloans for smaller financing needs.
3. Arizona Small Business Development Center (SBDC)
The Arizona SBDC Network has free consulting, loan preparation services, and conducts workshops to help small businesses tap financing. They are superb, given their knowledge of loan scenarios in Arizona.
4. Arizona Community Foundation
The Arizona Community Foundation offers grants as well as low-interest loans for small businesses, mostly targeted at community development, but also on social issues.
5. USDA Rural Development Loans
For businesses in rural Arizona, USDA Rural Development offers financing for economic growth and job opportunities. Their loans cover all purposes such as infrastructure and renewable energy projects.
6. Local First Arizona Small Business Accelerator
Local First Arizona offers loans, grants, and mentorship to small businesses. They focus on local sustainability and community impact.
7. Prestamos CDFI
Prestamos CDFI is a nonprofit lender that offers flexible small business loans in Arizona to under-reserved communities. The organization also provides technical assistance and financial literacy training.
8. Economic Development Administration (EDA) Revolving Loan Fund
The EDA Revolving Loan Fund, administered by regional councils, offers low-interest loans for businesses in Arizona to spur job creation and retention.
9. Arizona Hispanic Chamber of Commerce
The Arizona Hispanic Chamber of Commerce provides loans, networking events, and business workshops specifically designed for minority-owned businesses in Arizona.
10. Phoenix Industrial Development Authority (IDA)
The Phoenix IDA provides access to capital through innovative loan programs and bond financing to help small businesses thrive in the Phoenix area.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. National Bank of Arizona
National Bank of Arizona provides a comprehensive offering of small business loans that range from SBA-backed loans to equipment financing, as well as lines of credit designed specifically for the local entrepreneur.
12. OneAZ Credit Union
OneAZ Credit Union provides small business loans and lines of credit at competitive rates, including SBA-backed options to maximize flexibility.
13. Desert Financial Credit Union
Desert Financial specializes in small business loans and working capital solutions. They also provide tools and workshops to help businesses grow.
14. Western Alliance Bank
Western Alliance Bank offers customized financing options, such as commercial real estate loans and lines of credit, to meet the needs of Arizona’s small business community.
15. CopperPoint Mutual
CopperPoint Mutual assists small businesses with funding options and specialized insurance products for high-risk industries.
Alternative and Specialty Funding
16. Arizona Green Business Loan Program
This program provides low-interest loans to businesses who are investing in energy efficiency or renewable energy projects. Click here for more information by the Arizona Department of Environmental Quality.
17. Maricopa County Small Business Loan Program
Maricopa County offers loans and grants for small businesses that have suffered due to economic downturn. Check out the county’s economic development page for criteria and application information.
18. Crowdfunding Platforms
The crowdfunding platforms like Kickstarter and GoFundMe enable direct funding for Arizona entrepreneurs straight from the people and fans themselves. Start-ups or projects have high social appeal for crowd funding.
19. Angel Investors and Venture Capital
Arizona features a maturing network of Angel investors, and venture capitals firms as exemplified by the Desert Angels, who funds innovative growth businesses.
20. Business Lending by Chicanos Por La Causa CPLC
CPLC provides small businesses in underserved communities throughout Arizona with loans and technical assistance. The programs seek to empower minority-owned businesses and promote economic equity.
Conclusion
Finding small business loans in Arizona is possible with the right resources and guidance. Begin by looking at government programs, non-profit organizations, and local financial institutions.
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