Cranmere Accounting & Tax Services
A new alliance of Phoenix based private and public organizations has created a $12 million fund to support local businesses. The fund will provide business loans of between $50,000 and $500,000 at favorable interest rates to businesses who lack equity or have sufficient collateral for a conventional loan.
This will be another useful source of capital for Phoenix and Arizona businesses needing to raise capital to expand their business.
The members of the alliance are:
- Phoenix Community Development & Investment Corporation
- Arizona Commerce Authority
- Industrial Development Authority of the County of Maricopa
- Industrial Development Authority of Phoenix
- Biltmore Bank of Arizona
- Sonoran Bank (now part of Kansas State Bank)
- West Valley Bank
- SCF Arizona
The loans are designed to assist growing businesses in Arizona who might otherwise not be able to access the capital they need to expand. The targeted businesses cover a wide range of industries including manufacturing, information technology, healthcare, renewable energy and many others.
To be eligible for a business loan the applicant business must:
- Have been in operation for at least two years
- Demonstrate a successful track record for the last three quarters
- Have two years of financial statements and tax returns
The loans will be available for most business purposes such as working capital, equipment and fixed asset purchases, inventory purchases as well as real estate investment and tenant improvements.
In an attempt to assist growing business the loans will be on more beneficial terms than conventional loans with an expedited loan request process.
The initial funding totals $12 million and will be available for 12 months or until the funds have been fully used. The amount being made available is fairly modest so if you are interested in applying for a loan you probably shouldn’t wait too long.
If you want to apply for a business loan under this scheme contact Kristine Beaird at the Phoenix Community Development & Investment Corporation, 602-256-3211 or Kristine.beaird@phoenix.gov.
For assistance with the loan application process particularly in the areas of preparing financial statements, management accounts, tax returns or business plans call us on (480) 363-4808 or email info@cranmereaccountingandtax.com for a free 1 hour initial consultation. Mark Smith who has previous experience of working for the lending department of a major bank will be pleased to work with you on your expansion plans.
Disclaimer – This article does not constitute personal tax or accounting advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax and financial planning depends on your personal and unique circumstances.
Posted By Mark Smith
Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at info@cranmereaccountingandtax.com if you need assistance with any of the above.
