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Tucson creates loan program to help underrepresented businesses

Avanza Empowerment fund will provide small businesses with support and flexible capital.

TUCSON, Ariz. (13 News) - This month the Tucson Industrial Development Authority in partnership with the city of Tucson Department of Economic Initiatives will start the Avanza Empowerment Fund, a loan program aimed at helping mainly women-, minority- and veteran-owned businesses unique to Tucson.

During the pandemic, one thing they learned was the importance of small businesses. When one closed its doors, it was felt by the entire community. Therefore, these groups wanted to continue supporting these businesses post-pandemic with support and flexible capital.

“The small businesses that are unique to Tucson are also important in terms of their legacy to Tucson. Many years of history here and we want to see those businesses sustained because they are the essence of the community and what makes Tucson unique,” Barbra Coffee, director of economic initiatives for the city of Tucson.

The city began helping small businesses during the pandemic when many struggled to keep their doors open. Now post-pandemic, the city wants to ensure these businesses are prepared for the future.

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