From the start of the COVID-19 pandemic, the Phoenix Community Development & Investment Corporation (PCDIC) began directing funds to offer relief across the Valley. PCDIC’s goal was to lend and invest in the highest impact areas to reach those in need including individuals, families, business owners, and nonprofit organizations. Funding also went one step further – to focus relief in the most economically-distressed communities.

Support for Small and Micro Businesses

Payroll Protection Program Loans

PCDIC loaned the Business Development Finance Corporation (BDFC) $2 million to offer loans to for-profits, nonprofits, sole proprietors, independent contractors, and self-employed individuals under the federal Paycheck Protection Program.

Loans up to $100,000 were considered for businesses located in or bounding low-income census tracts within Maricopa county. Loans were intended to provide a wide variety of business types to cover several categories of operating expenses, the majority of which are payroll-related, with the intent of keeping workers employed during these difficult times.

To learn more about BDFC, visit bdfc.com.

Mini-Grants

PCDIC provided $100,000 to Local First Arizona for the Small Business Relief Fund to provide mini-grants to Arizona’s smallest locally owned enterprises. Mini-grants were awarded grants in the amount of $1000 – $2500 to micro-entrepreneurs (businesses with 0-3 employees and less than $250,000 in annual revenue, approximately $35k-$45k in net profits).

Funds were intended to help for micro-entrepreneurs to cover immediate needs to care for their families until they can resume revenue and rebuild their businesses.

To learn more about the Local First Arizona Small Business Relief Fund, please visit www.localfirstaz.com/small-business-relief-fund

Support for Nonprofit organizations

PCDIC provided $1,100,000 to support the Arizona Community Foundation’s COVID-19 Community Response Fund with grants to small nonprofits.

ACF committed to working with other funding partners and community collaborators to move resources quickly and adapt to evolving community needs. With the donations like PCDIC’s, ACF supported gaps not covered by state or federal relief funding.

Additional Financial and Community Resources

Philanthropic organizations, governments, and other community supporters are coming together to provide relief funding and support Arizona’s nonprofits and small businesses impacted by and on the front lines of the pandemic. 

Coronavirus Business & Resident Resources – City of Phoenix

Small Business Relief Fund– Local First Arizona

Disaster Assistance – U.S. Small Business Administration

Consolidated Financial Resources for Businesses – Greater Phoenix Economic Council

Verizon Small Business Recovery Fund – LISC

United for the Valley COVID-19 Fund – Valley of the Sun United Way