The Arizona Office of Economic Opportunity has finalized details for the Arizona Microbusiness Loan Program that was set up in 2023 to provide a total of $5 million in loan funding aimed at small businesses with five or fewer employees, focused primarily on rural areas of the state.Qualifying borrowers can each receive up to $50,000 in loans by applying through approved small business lending partners affiliated with the loan program.“Small businesses are the backbone of Arizona’s economy,” said Governor Katie Hobbs, in a statement. “My administration is focused on building an economy that works for everyone, and this program gives our smallest businesses, our microbusinesses, the opportunity to grow and thrive. By investing in these microbusinesses, we are putting money directly in Arizonans’ pockets, creating quality jobs, and strengthening local communities.”There are more than 85,000 microbusinesses in Arizona that employ approximately 155,000 people. Microbusinesses often face challenges in securing loan funding including limited or no credit history, insufficient collateral, limited business experience, and a lack of financial documentation.Program to be administered through CDFIsAfter two rounds of competitive grant solicitations earlier this year, the Office of Economic Opportunity (OEO) chose six Arizona microbusiness lending programs to oversee dispersement of the loan funding, including five Community Development Financial Institutions (CDFIs) that specialize in providing funding to startups that may have no other alternate funding options to grow their businesses.The approved lenders for t …
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