PHOENIX — For entrepreneurs it takes more than a great idea — it takes money to get their product or services out to the public.
Securing a traditional business loan can be one of the biggest challenges an entrepreneur faces, but that’s where a Valley group hopes to help.
CPLC Prestamos CDFI, LLC is a community development financial institution that provides small loans and support services. In partnership with Valley Leadership, Prestamos has created the Community Investment Fund to support local entrepreneurs looking to start or grow their businesses.
“We are excited to give local entrepreneurs who do not qualify for traditional financing an opportunity to improve the health of our community and contribute to Arizona’s economy,” Brigitte Dayton, member of Valley Leadership’s current class, said in a press release.
And Prestamos is prepared to offer hefty sums to some business owners.
“These loans range from $20,000 to $25,000, depending on the applicant, business plan and distinctiveness of the entrepreneurial idea,” said Jose Martinez, president of CPLC Prestamos.
Top qualified applicants will compete in “Pitch Day” on May 23 where they can present their business concept and funding needs to a panel. Three to five businesses will receive loan approval and the business with the best presentation will win a $2,500 cash prize.
Applications are being accepted until Friday, April 25, at prestamosloanfund.org.
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food