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.
To learn more about the Response Fund, please visit azfoundation.org/Giving/ArizonaCOVID-19CommunityResponseFund
Nonprofit organizations in need of assistance, please apply here.
Donors interested in providing financial support, please contribute here.
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