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Phoenix Community Development and Investment Corporation
Phoenix AZCDFI Awards for Phoenix Community Development and Investment Corporation
NMTC (2008) - $40,000,000
Phoenix Community Development and Investment Corporation (PCDIC) will target commercial real estate development in Phoenix, Arizona, including light manufacturing, industrial, retail, office developments and community facilities. The borrowers for these commercial real estate developments will be small business owners, nonprofit agencies, and real estate developers. PCDIC will offer senior and subordinated debt products with interest rates that may exceed 50 percent below market, seven- to ten-year interest only periods, and loan-to-value ratios of up to 100 percent. Borrowers will be required to enter into commitments with PCDIC to create job opportunities for low to moderate income persons, including minorities.
NMTC (2002) - $170,000,000
PCDIC intends to provide equity and debt financing to: 1) develop or rehabilitate commercial real estate in distressed areas, including retail development and hotel projects; 2) develop large mixed-use commercial facilities in downtown Phoenix, including a biotechnology campus; and 3) finance small and start-up businesses, with a particular focus on equity investments in biotechnology start-ups and expansions. PCDIC intends to utilize its NMTC allocation to offer below-market rate loans and equity investments as a means to locate additional commercial development and businesses in lower income areas of the city.
Other Community Development Financial Institutions in Arizona
Arizona MultiBank CDC
Phoenix
Arizona Tribal CDFI
Phoenix
First American Credit Union
Window Rock
Hopi Credit Association
Keams Canyon
Navajo Nation Division of Economic Development
Saint Micheals
Prestamos, CDFI, LLC
Phoenix
San Carlos Apache Tribe
San Carlos
SOAR GROWTH CAPITAL, LLC
Scottsdale
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Small Business Administration Background
The Small Business Administration was established in 1953. Since that time the agency has dispensed millions of dollars in loans and loan guarantees, contracts, consulting assistance and other programs for small business across the United States.
Minority Business Enterprise Centers for Minority-Owned Businesses
The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.
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