Many are stepping up, but these funding partners are doing the hard work to provide immediate help through relief grants and other programs. While some of these organizations regularly grant funds, there is no question that the volume — both in number of grants and amount of funds — is a lot to manage and disburse. Overwhelmed staff changed policies, and the urgency of doing it now has taken a toll. But at the end of the day, each of these organizations is working harder than ever to empower business and make a difference.
In March 2020, PCDIC began directing funds to nonprofit and small businesses 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 of small and micro businesses and nonprofit organizations.
Payroll Protection Program Loans: PCDIC loaned the Business Development Finance Corporation (bdfc.com) $2 million to offer loans through the Small Business Administration’s Paycheck Protection Program. Loans were made available, up to $100,000, to for-profits, nonprofits, sole proprietors, independent contractors and self-employed individuals located in or near low-income census tracts within Maricopa county.
Read the full article by Mike Hunter.