On September 9, 2014, the Federal Home Loan Bank of San Francisco (FHLBSF) announced that SEDI is the recipient of a $20,000 grant as part of the AHEAD (Access to Housing and Economic Assistance for Development) Program.
AHEAD grants help the FHLBSF meet the needs for housing and economic development and are designed to assist low- and moderate-income communities in Arizona, Nevada, and California.
The grant was sponsored by Sunwest Bank and will provide additional funding for SEDI's Dollars for Dreams program which helps realize the dreams of northern Arizona start-up, existing, and home-based businesses lacking established credit and access to small amounts of capital by lending up to $5,000, helping them establish and learn about credit, andproviding mentoring for best business practices to help grow local business expertise. These loans can be applied for at www.nazfunds.org/contact. Dollars for Dreams microloans are for both startups and small businesses, and require no credit history or collateral. In addition to funding, business owners and entrepreneurs also receive business coaching and mentorship to ensure their success.
A recent study has shown that 45% of small businesses fail because they have insufficient access to credit. They usually need less than $5,000 to reinvest in their business, and SEDI created the Dollars for Dreams Program to bridge this gap between financing and small business entrepreneurs. By making capital more accessible, SEDI is helping local small businesses and entrepreneurs succeed. Dollars for Dreams recognizes that when given the opportunity, people can make a positive change in their lives and the lives of others.