Even a small loan can really kickstart our micro businesses...
just released from the City of Phoenix Public Information Office:
The Industrial Development Authority of the City of Phoenix, AZ (Phoenix IDA) has approved $15,000 from its Community Investment Fund to go to Community Food Connections to assist micro businesses at the Phoenix Public Market and Urban Grocery.
“These loans create jobs and spur economic growth,” said Councilman Michael Johnson, who represents District 8 where the Public Market is located. “By starting at the micro level, these loans will help local entrepreneurs slowly grow into stable small businesses that will add jobs to our economy.”
Community Food Connections will accept loan applications ranging from $250 to $1,500 from four to eight micro businesses that work with the Phoenix Public Market and Urban Grocery. The money can fund equipment, operating capital or supplies and Community Food Connections will work with the businesses to ensure that their loan application works well and helps increase sales.
“Sometimes it is the small loans and support that can help a micro business survive long enough to grow to the next stage where their business can really take off,” said Cindy Gentry, executive director, Community Food Connections.
Over the last 10 years, the Phoenix IDA has issued more than $2.78 billion in bonds to assist education, housing, and community and economic development projects.
For information on the Phoenix IDA, visit phoenixida.com.