Last Updated on August 23, 2023 by Hannah Stevens
There are several lenders, nonprofits and government programs that offer loans and/or grants for small businesses in Arizona. There are funds available to help minority and women owned companies. Below are details and a list with grants and loans that may be available near you to help Black, Latino, immigrant, women, LGBTQ, and other minority owned or managed small businesses.
There are some agencies that prioritize providing grants for Latino or Black women owned businesses, while others assist any veteran, minority, or female owned businesses in Arizona. Moreover, this list is up to date with the available loans and grants. These funds will be used for minority and women owned (or managed) businesses since these companies often have difficulty to get the funds they require. You can get the money from banks in Arizona, foundations, non-profit organizations, federal or state government backed agencies, or foundations.
The loans and free grants for women owned businesses listed below can help people start or grow their existing business. The funds for MWBE and BIPOC (Black, Indigenous, People of Color) are often limited, so apply early.
Small Business Loans and Free Grants in Arizona
Below is a list of ongoing loans and grants. These lenders provide assistance, regardless of whether it is a woman, veteran, or minority owned businesses. Additionally, these lenders can help businesses get the funds they need, and offer mentoring and other assistance.
Year Round Financial Assistance Programs, Grants and Free Business Resources
You can find financial assistance programs, grants, loans and loans that are available all year. They are listed below by city, beneficiary and/or region.
Statewide Arizona MWBE Assistance Programs
The Arizona Hispanic Chamber of Commerce is established to encourage the success of Hispanic and Latino businesses, including immigrant owned businesses. Members have the opportunity to receive leadership and business development support, obtain sales leads through online tools, be notified about government grants for Latino businesses, and more. It prioritizes promoting the success and growth of Hispanics in the state of Arizona.
The Black Alliance & Social Empowerment (Base) is a non-profit organization that focuses on Black men and women in Arizona. They offer a variety of services, including scholarships, free workshops or business classes, information about grant programs, and more. BASE Worx is the primary assistance program, and it is a Black Business Incubator. They assists entrepreneurs, start-ups, and small businesses.
Fuerza Local (Local First Arizona) assists small businesses throughout Arizona. This non-profit promotes business growth, employment, community development, and more. You can get free financial aid information and guidance, regardless of whether you speak Spanish or not.
The Growth Partners Arizona offers financing throughout the state, including Kiva loans at 0% interest rates. They assist underserved communities in Phoenix, Tucson, and other cities. They may receive assistance with their capital needs, creating business plans, and other support. Moreover, most of their clients are immigrants, Latinos, minority, or female owned businesses. They also allow lenders to match funds, offer tailored loan packages, and give more assistance..
The Prestamos CDFI Women’s Business Center is available for women owned businesses in Phoenix and Tucson. The CDFI offers low-cost loans to help start or grow a business. They also provide a variety of services for immigrants, Spanish-speaking people, Latinos, and women businesses. Moreover, coaches are available for HR, Operations, Financial Management, and more. They may also offer free seminars, workshops, and applications for grants.
The University of Arizona Center for Innovation (UACI) assists women owned businesses in Arizona, with a particular focus on tech companies. They provide an incubator program. Therefore, they help companies to start or continue their growth. You can get help with applying for grants, technical assistance, no-interest loans, and learn about strategic partners. Furthermore, the center is open to women of all races.
Maricopa County and Phoenix Free Grant, Loan, and Business Coaching Programs
The “Kive” loan hub provides interest-free loans for businesses in Maricopa. The non-profit lender focuses on small businesses that are LGBTQ, minority, veterans, immigrants, or women owned. The center is also managed in conjunction with GoDaddy, City of Phoenix, and Better Business Bureau Serving the Pacific Southwest. Additionally, small business owners with low credit or without credit history can get loans up to $15,000 from the interest-free loan program.
This is similar to the Free Grants and Loans for Minority and Women Owned Businesses in Alabama.
Trellis offers interest-free microloans to businesses in Phoenix, located in McDowell Road from 7th Street to 20th Street. They are a Kiva trustee. They help minority, women, veterans, and other “disadvantaged” businesses in the region to get the funding they require. Also, their main focus is on businesses involved with the redevelopment in that area.
Seed Spot assists minority owned businesses in the Phoenix area. They support businesses that are focused on social change and positive impact. Learn from mentors, learn how to raise capital, develop a business plan, and more. This non-profit is available for Latinos, Black, and immigrant owned businesses.
Pima County and Tucson Area
The Community Investment Corporation provides loans to companies in Pima County. The non-profit works in conjunction with Kiva to offer a BIPOC interest-free loan program and crowdfunding. They also offer financial assistance programs and counseling services. The BIPOC Community Managed Loan Fund provides interest-free loans ranging from $500 to $100,000. Furthermore, these funds can be combined with training, online tutorials, workshops, networking, and more.
The Microbusiness Advancement Center (MAC) offers 0% interest rate loans to entrepreneurs and small businesses in Tucson and Southern Arizona. Programs and applications are also available in Spanish. Moreover, MAC focuses specifically on immigrants, women, and people of color owned businesses. MAC is a Kiva Trustee. Therefore, Kiva loans are issued. You may also find help with venture capital, SBA loans, legal aid, free business consulting, and more.
Startup Tucson is available to assist startups and small businesses in Tucson. However, rural businesses are a major focus. They also prioritize farmers, migrant businesses, restaurant or retail stores, and others. Find out more about local financial aid programs and get more assistance.
This is similar to the Free Grants and Loans for Minority and Women Owned Businesses in Arkansas.