FOR IMMEDIATE RELEASE
JANUARY 1, 2014
Northern Arizona Capital Fund Announces New Partner with The Sustainable Economic Development Initiative (SEDI)
Flagstaff, AZ – The Northern Arizona Capital Fund is pleased to announce a new partnership with The Sustainable Economic Development Initiative’s new Dollars for Dreams program.
Dollars for Dreams, a community-supported micro-lending program, has been launched by the Sustainable Economic Development Initiative (SEDI) thanks to a generous grant from the Flagstaff Community Foundation in collaboration with the Ernest & Evelyn Chilson Foundation, Molly and Joseph Herman Foundation and GeoFund. The new fund will work with other existing capital fund partners including The Economic Collaborative of Northern Arizona (ECONA), the City of Flagstaff and The Northern Arizona Center for Entrepreneurship and Technology (NACET).
SEDI has joined the Northern Arizona Capital Loan Fund and loans can be applied for at www.nazfunds.org. The Northern Arizona Capital Loan Fund is a cooperative effort between the City of Flagstaff, ECONA and the Northern Arizona Center for Entrepreneurship and Technology that provides business loans from $500 up to $50,000. The addition of the Dollars for Dreams fund will allow the partnership to add micro loans to its offerings. The Northern Arizona Capital Loan Fund made four loans in 2013 enabling local companies to grow and add jobs.
Micro loans have a macro impact. SEDI expects to help realize the dreams of Flagstaff start-up, existing and home-based businesses lacking access to small amounts of capital by providing up to $5,000 in financing and helping them establish and learn about credit. SEDI anticipates that this unique micro-loan fund will serve approximately 25-50 Flagstaff people in the first year.
Access to small amounts of start-up and operating capital is a significant barrier for many small and entrepreneurial businesses. A recent study showed that 45% of small businesses fail because they are unable to get the loan they need. These businesses form the backbone of our economy. Often, they need less than $5,000 to invest in their business. More than just providing micro-financing, SEDI will provide mentoring on credit and finance to small businesses to help ensure successful repayment of the loan. By assisting in building credit and providing access to capital, SEDI is helping build innovative and creative small home or cottage based business capacity in our community.
SEDI's mission is to "promote sustainable economic prosperity in northern Arizona through ecological health, social equity, and a resilient economy." Dollars for Dreams will create jobs and opportunities in the Flagstaff community recognizing that when given the opportunity, people can make a dramatic positive change in their own lives and in the lives of others.
