More local businesses than ever can now participate in a micro-loan program from Local First Arizona Foundation and the Freeport-McMoRan Foundation thanks to additional grant funding of $50,000 from the Greenlee County Community Investment Fund as well as an added $30,000 from the Graham County Community Investment Fund.
In addition, the City of Safford has contributed $100,000 to help support businesses in Safford. City Manager, Horatio Skeete, said the program so far has demonstrated “remarkable returns for economic development in our community.” Citing that the program has loaned out $95,000 and can track 5 new jobs created so far, with more potentially to come.
This additional funding will enable more local businesses in Southeastern Arizona to seek much-needed loans in smaller amounts and at reasonable interest rates.
“Added grant dollars from Community Investment Funds, in both Graham and Greenlee Counties, directly relate to a priority need that community members have been vocal about for some time: economic diversification,” said Tracy Bame, Director-Social Responsibility and Community Development and President of the Freeport-McMoRan Foundation.
“Expanding the Micro-loan program provides immediate resources to support growth of existing enterprises as well as the enhanced skills and opportunities individuals need to reach their full potential and play a progressively active role in the prosperity of their own communities.”Continue reading