National Bank of Arizona®
pandemic pivot
Forging new paths in the face of an economic shutdown
BUSINESS AS USUAL?
How consumers are responding to the COVID-19 crisis
SUMMER 2020
FLATTENED BY THE CURVE Businesses seek to restart the state’s economic engine
WHAT IS
relationship banking?
Just ask Mary about her banker, Nancy. “I am compelled to commend my banker, Nancy Kinnard, for being my superhero. I am so happy to have this bank, Nancy and her trusty support person, Jolene, in my corner. When all this crazy funding activity with the Paycheck Protection Program was swirling around, they demonstrated the value of brand loyalty. What’s of note here is that competitor banks were closing their doors to applicants, yet my little relationship with your bank seemed to matter. I had a brief conversation with Nancy that afternoon and talked to her again at 10:30 that night, though I know her day started well before 6:00 a.m. serving clients. Year after year, your team has had my back. Thank you! It’s unprecedented what we are going through yet refreshing to know the value of relationship banking.”
MARY CONTRERAS Contreras State Farm Agency PPP Loan Recipient
Get the banking relationship you deserve. Call us at
800.497.8168 or visit
NBAZ.COM
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in this issue
FEATURES
6 Flattened by the Curve Arizona businesses seek to restart the state’s economic engine
12 Business as Usual?
How consumers are responding to the COVID-19 crisis
14 Pandemic Pivot
DEPARTMENTS
Forging new paths in the face of an economic shutdown
02 @NB|AZ What’s happening at National Bank of Arizona
08 FRAUD ALERT The latest COVID-19 scams and what to look out for
10 NAVIGATING UNCERTAINTY Insights and strategies on staying profitable
16 SOUND MIND, SOUND BODY Experts tout the importance of self-care for working professionals
17 THE NEW NORMAL Business owners faced with new challenges to work-life balance
18 A CALL TO ACTION Ways you can help Arizona nonprofits weather the COVID-19 storm
Thanks to food drives and donations, the United Food Bank in Mesa has been able to support and feed the community during the pandemic.
PUBLISHER National Bank of Arizona EDITOR-IN-CHIEF Jenavi Kasper, jenavi.kasper@nbarizona.com PROJECT EDITOR Matthew Pazik, matthew.pazik@nbarizona.com COPY EDITOR Tyler Gatlin, tyler.gatlin@nbarizona.com
EDITORIAL DIRECTOR Michelle Jacoby, michelle@pb-jcreative.com CREATIVE DIRECTOR Nathan Joseph, nathan@responsecreative.com PRODUCTION MANAGER Chris Adams, cwadams@me.com CONTRIBUTORS Sally J. Clasen, Julia De Simone, Debra Gelbart, Jake Poinier, Lisa Van Loo PHOTOGRAPHER Mark Lipczynski, mark@marklipczynski.com
Elevate AZ magazine may contain trademarks or trade names owned by parties who are not affiliated with National Bank of Arizona, Zions Bancorporation, or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and National Bank of Arizona does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice. © 2020 Zions Bancorporation, N.A. All rights reserved. A division of Zions Bancorporation, N.A. Member FDIC
20 GAINS & GROWTH Learn how to make the most of these unprecedented times
NATIONAL BANK OF ARIZONA® 6001 N 24th St Phoenix, AZ 85016 602-235-6000
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ON THE COVER Due to the pandemic, Arizona businesses are developing alternatives to their core services and products. One such business is FABRIC, an apparel industry resource that began producing much-needed, FDA-approved isolation gowns at its manufacturing facility in Tempe. Page 14. Photo by Jenny Kaufman/Xposed Capture for FABRIC
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to be an Arizonan is the unshakeable resolve and determination of its people. With our scorching deserts, snowy mountains and rugged terrain in between, it takes a special kind of person to live and thrive here—the kind of person who works hard, takes care of their neighbors, and truly understands that we’re all in this together. As I reflect over the events of the past several months—schools closing, workers having to stay at home, businesses being forced to make unimaginably difficult decisions, to name a few—the thing I keep coming back to is the overwhelming number of Arizonans who’ve stepped up to the plate to support their communities. Faced with so much uncertainty created by the coronavirus, these folks have done everything they can to help: they have sewn homemade face coverings to give to those on the front lines, given their time and resources to those in need, and tirelessly supported local businesses and restaurants that have been dealt a difficult hand. At National Bank of Arizona, we were able to help people in our communities facing difficulties—people like Blake Shaffer of Shaffer Dry Cleaning and Laundry who we helped pursue funding to keep his employees on the payroll through the Paycheck Protection Program after a larger, national bank wouldn’t help him. But, helping others is simply what Arizonans do, especially during difficult times like these. And it’s what we’ve been doing at National Bank of Arizona for over 30 years and will continue to do. HAT MAKES ME MOST PROUD
Your friend in the business, Mark Young PRESIDENT AND CEO N AT I O N A L B A N K O F A R I Z O N A
National Bank of Arizona associates rally to help their communities
Making an Impact
E
VERYONE, EVERYWHERE, is grappling with how COVID-19 has upended their daily life. Many people across Arizona have found themselves suddenly unemployed, schools and many businesses have closed, and essential items and food staples are in short supply. Even the most resilient people feel stressed and anxious. However, just as fear and anxiety have spread, so have good deeds. National Bank of Arizona associates found many ways to give back to their communities, lending support to those who need it the most. In Chino Valley, just north of Prescott, branch manager Julie Ruttle rallied her team once she heard that the local food bank was in desperate need of food and supplies. “With schools closed and jobs disrupted, we heard more people were turning to the local food bank to help feed their families,” she explains. “Our team found it meaningful to meet the increased need due to the pandemic, especially given the fact that schools were shut down, making it difficult for kids who rely on free lunches and other programs to be properly fed.”
taking action to create short- and long-term change for our collective future. Charity will be the anchor for all of us going forward. “It’s not only about the things that you donate,” says Ruttle. “It’s more about the care and empathy of your actions that really make the biggest impact.” Natalie Beck
3 ways you can make a difference in your community
Contributions Food banks and other nonprofits need your support. Expertise Offer up your knowledge, skills and assistance. Think Local Learn what you can do in your own neighborhood.
Summer 2020 | ElevateAZ.com
The Chino Valley branch was able to collect close to $1,000 in food, cleaning products and paper goods from employees and customers. “In our small community, we have close to 300 homeless children,” Ruttle says. “COVID-19 only increased the need to fill the food bank shelves
because many adults in the community lost their jobs or the businesses where they were employed had to close temporarily. It’s been extremely tough on rural communities.” The branch and its employees aren’t only generous during a crisis, but also throughout the year. “Last Christmas, we adopted a local family, providing the children and mother with thoughtful gifts, as well as a family holiday dinner,” Ruttle explains. “The family had suffered the loss of their father and husband to a brain tumor just before the holiday. As soon as we heard that, we knew we needed to help.” There are many opportunities to help make a difference in your community. Here are three significant ways: Consider contributions. Most food banks still need staples. Contact the food bank in your community for a list of their mostneeded items. Offer your expertise. Many nonprofits find themselves without answers on how to meet their ever-evolving needs, especially with increased demand. Offering technical expertise, website management, fundraising, event management, and other assistance would be significantly valuable. Think local. Focusing on the specific hardships in your local community is the best place to start. From donating meals for healthcare workers or frontline first responders and delivering groceries to elderly neighbors, to offering to help pack food boxes at the local food bank, there are many ways you can help in your neighborhood. Giving back during a crisis is no longer just about the “feel good” moments. It’s about
This spring, associates at the National Bank of Arizona Chino Valley branch collected nearly $1,000 in food and supplies for their community in response to COVID-19.
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National Bank of Arizona helps over 62,500 workers stay employed
A Lifeline to Arizona Business
Photo: Carl Schultz
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T SEEMS NO ONE has been spared from the crushing financial and emotional blow created in the wake of the coronavirus crisis. Some of the hardest hit have been small businesses that, ultimately, had to limit their contact with customers or shut their doors completely. As small businesses struggled for much-needed capital, National Bank of Arizona knew it had to help entrepreneurs as one of the top Small Business Administration (SBA) lenders in the state. “Our long-standing commitment and deeply-rooted relationships in the communities we serve enabled our bankers to process SBA Paycheck Protection Program (PPP) loan applications around the clock for both existing and new business banking customers,” says Mark Young, National Bank of Arizona president and CEO. “At the height of the program, our associates worked day and night, as well as over weekends, to help deliver for businesses we knew were facing unimaginable financial challenges.” In Arizona, National Bank of Arizona has received approvals on 5,132 loans, totaling $733 million since the SBA loan program began on April 3. The funding helped preserve payroll for more than 62,500 Arizona workers based on applicant data. More than 74 percent of the loans approved were for amounts less than $100,000 and more than 60 percent of loans were made to businesses with fewer than 10 employees. The median loan size processed by NB|AZ was $39,000. Angela Durrani, a registered nurse at Desert Surgical Specialists in Phoenix, says the PPP funds have had an immense impact on their practice and all of its operations. “We have a total of 13 employees,” she explains. “These funds will be used to cover employee salaries and wages, retirement funds, monthly health insurance premiums, rent and utilities.” Another National Bank of Arizona client, Bake Shaffer, owner of Shaffer Dry The surgical team at Desert Surgical Cleaning and Laundry in Tucson, says, “I Specialists, a surgery center that feel like I have a fighting chance now.” This specializes in laparoscopic, robotic, breast and oncologic surgery. and similar sentiments have been echoed by many so many small businesses statewide. The PPP loans were a lifeline to many Arizona nonprofit organizations, including House of Refuge in Mesa, which provides a home and comprehensive, wrap-around support services to families so they may become self-sufficient, move to sustainable housing and, ultimately, overcome homelessness. Over the past three months, NB|AZ approved more than 300 PPP loans for nonprofits and 501(c)(3) organizations around the state. “As a nonprofit, we knew the SBA PPP loan was necessary for us to continue to meet the needs of the families who depend on us day in and day out,” says Nancy Marion, executive director of House of Refuge. “We reached out to several financial institutions to assist us with the loan process and National Bank of Arizona was the first to contact us and help our organization.” Natalie Beck
Now, More Than Ever, Eat Local National Bank of Arizona pitches in to support Arizona restaurants
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HE IMPACT OF THE coronavirus on restaurants has been swift and devastating. According to the National Restaurant Association, the restaurant and food service industry lost over $80 billion in sales by the end of April, and it’s estimated that an additional $160 billion in revenue will be lost by year end. All of these losses in revenue have translated to two out of three restaurant employees being laid off or furloughed, for a total of over 8 million restaurant employees—roughly the population of the entire state of Virginia. One of the easiest ways to support Arizona restaurants through the stay-athome order was through ordering takeout or delivery, and that’s where National Bank of Arizona knew they could make a difference. That’s why beginning in mid-March, they attached a 10 percent cashback bonus on all restaurant or food delivery purchases made with National Bank of Arizona credit cards. The response so far has been incredible: As of May 31, National Bank of Arizona cardholders have injected over $650,000 into Arizona restaurants. But National Bank of Arizona’s work didn’t stop when stay-at-home guidelines were lifted. Though initially slated to end on May 31, the 10 percent cashback bonus promotion was extended to June 30 since some diners are still wary of returning to dining rooms and most restaurants are operating at a reduced capacity.
{
AND THE IMPACT OF NATIONAL BANK OF ARIZONA® ACROSS THE STATE
}
5,354 LOANS APPROVED FOR A TOTAL OF
$731 MILLION TO ARIZONA BUSINESSES
HELPING OUR A glimpse at the 160 communities we supported affected with PPP loans. by the PPP.
OVER
62,500 JOBS SAVED
“We have a total of 13 employees. The PPP funds will have an immense impact on our practice and all of its operations…these funds that we received will be used to continue to cover employee salaries and wages, retirement funds, monthly health insurance premiums, rent and utilities.”
67% COMPANIES OF 10 EMPLOYEES — OR LESS —
ANGELA DURRANI, RN Desert Surgical Specialists
310
— LOANS FOR —
NONPROFITS
AND 501(C)(3) ORGANIZATIONS
“I started my small moving company in January 2020 and hired two employees. This will allow me to keep my two employees working.” ART HADDOW Premier Van Lines
“As a non-profit, we knew that the PPP/Small Business Loan was necessary for us to continue to meet the needs of the families who depend on us day in and day out. We reached out to several financial institutions to assist us with the PPP/Small Business Loan and National Bank of Arizona was the first to reach back out and assist our organization.” NANCY MARION Executive Director of House of Refuge
RE P O R TI NG AS OF J U NE 2 5, 2 02 0.
NBAZ.COM | A division of Zions Bancorporation, N.A. Member FDIC
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prepared for a recession of some sort,” says John D. Lewis, senior vice president, business banking for National Bank of Arizona and the bank’s primary contact in Arizona for SBA lending. “Businesses that made it through 2008 and 2009 had been pretty cautious over the last number of years in how they expanded and taken on debt. But a recession brought on by basically shutting down the whole economy for what’s been a couple of months now? Nobody was prepared for that.” Rob Maver, senior vice president, regional commercial manager for National Bank of Arizona agrees. “I view the COVID-19 economic situation in terms of pre-March 16 and post-March 16, because that was the day of the large stock market decline,” says Maver, who leads a team of Phoenixbased bankers generally working with middle-market commercial clients. “Leading up to March, the economy was looking really good, and we’d seen good results from our clients. Then, suddenly, it was a whole new world.” think people were
Challenges and uncertainty That new world, which Maver describes as an economy filled with challenges and uncertainty, left no industry untouched—although some were affected more than others. Some of the obvious beneficiaries were companies selling healthcare products, cleaning supplies and paper products, as well as grocery stores that were able to figure out how to function profitably
within restricted hours. A much less likely candidate was the plexiglass industry, which has been busy installing partitions in restaurants, banks, convenience stores, casinos and elsewhere. Lewis says that road construction stayed relatively business-as-usual, thanks to being governmentfunded projects that were already in process. “They’ll probably be impacted 18 or 24 months from now, when projects that would have started getting traction now might be delayed,” he says. “So I think their impact is further down the road, and they need to be saving now to be prepared for that slowdown.” Maver noted that some businesses impressed him with their ability to switch gears quickly. “We have a very large professional services client who had remote work access through a virtual private network, or VPN, for only about 25 percent of their employees,” he says. “In a very short amount of time, they Rob Maver, Senior Vice President, expanded so that all Regional Commercial Manager, 100 percent of their National Bank of Arizona workforce could be productive and work remotely.” Seeing how quickly other clients were to adopt collaborative platforms such as Microsoft Teams, Maver adds, “I think in the near term, we’ll see more remote work. But I believe face-to-face is the most impactful way to do business, and we’ll eventually get back to that.”
“Leading up to March, the economy was looking really good. Then, suddenly, it was a whole new world.”
Loans acting as lifelines Hospitality industries such as hotels, resorts and restaurants were hit particularly hard, especially due to the cancellation of spring tourism.
flattened by the curve
Challenged by COVID-19 restrictions, Arizona businesses seek to restart the state’s economic engine story Jake Poinier
“I think we’ll see businesses being cautious for a while and cutting back on anything that’s not 100 percent necessary for operations.” John D. Lewis, Senior Vice President, Business Banking, National Bank of Arizona
“Some restaurants were better set up than others to be able to adjust quickly and efficiently to drive-through or takeout,” Lewis says. “But for those that offer more of a sit-down experience, there just wasn’t a whole lot they could do about it.” Heading into the late summer and fall, Lewis expects those challenges to spill over around the state. “Touristdriven destinations like Sedona and Flagstaff are going to be open during the summer, which is their busiest season,” he says. “But what won’t be there are all the international travelers from Europe and Asia. It’ll be interesting to see if Phoenix residents who canceled vacation plans but want to escape the Valley heat will fill in some of that gap.” Both Maver and Lewis have been closely involved with securing Paycheck Protection Program (PPP) funding for local businesses, helping them retain employees and keep up with rent and debt payments. “It’s been good to see the CARES Act deployed through the Treasury and the SBA, and to see the stimulus dollars flow into the economy,” Maver says. “On the PPP loan side, that was a lifeboat for a lot of clients that were especially hard hit.” Although the first round of funding had some hiccups and the money went quickly, the second round went much more smoothly. “In the second round, the loan amounts were a lot lower, so we can see that it’s helping the smaller businesses it was intended to and we were able to help more people,” says Lewis.
Looking ahead Lewis perceives the current Arizona business climate as being in evaluation mode. “They’re examining what they need to do to go forward. In some cases it might be restructuring, but I think we’ll see businesses being cautious for a while and cutting back on anything that’s not 100 percent necessary for operations,” he says. “Before anyone had ever heard of coronavirus, we were having conversations with our clients about the importance of having strong balance sheets, maintaining liquidity, and not having too much leverage. The hope was that they would be prepared for something unexpected. Now that it’s happened, it’s a matter of figuring out how to navigate it.” Maver describes himself as optimistic about the economy bouncing back, particularly with pent-up demand, although it’s difficult to know the timeline. “They always say no two recessions are the same because there are different causes,” he says. “We truly are in uncharted territory, but just as has been the case since early March, our team has been making a concerted effort to communicate with every single customer to let them know we’re here to help.”
Summer 2020 | ElevateAZ.com
Shifting gears While national media have focused their attention on highprofile companies pitching in on critical healthcare needs in the face of the COVID-19 pandemic—Apple making face shields, Ford manufacturing ventilators, and Anheuser-Busch producing hand sanitizer—there are numerous Arizona companies that have joined in on the effort. Mattress manufacturer Brooklyn Bedding hopped on board in March, repurposing its proprietary technology to produce hospital beds. As it turned out, demand was less than expected—ultimately a good thing, because it meant hospitals hadn’t been overwhelmed as feared. The company’s other manufacturing shift turned out to be a significant and
successful effort: Since the material used for bedding is the same as for N95 and surgical masks (minus the filter), they were able to produce more than 100,000 masks for first responders and healthcare workers. Also focusing their efforts on helping healthcare workers, Sands Chevrolet has formed relationships with major health systems—including Banner Health, Abrazo Community Health Network, HonorHealth, Phoenix Children’s Hospital, and Dignity Health—by providing auto cleaning services to healthcare workers. Sands employees will go directly to the hospitals, pick up the vehicles, take them back to the dealership where they will be cleaned and treated, and then return the vehicles before the workers get off their shifts. In addition, Sands Chevrolet is offering this to anyone in the greater Phoenix area. The dealership is doing this not only as a public service to help stop the spread of COVID-19, but also to keep 22 frontline employees and administrative staff working.
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Fraud Alert: COVID-19 Scams
55,645 961
REPORTS IN ARIZONA
COVID-19 scams in the U.S.* * Reported as of May 27, 2020 by the Federal Trade Commission.
$40.39
MILLION
$456
MEDIAN FRAUD LOSS
IN REPORTED LOSSES
6 Common COVID-19 Scams
Advance fee schemes
Senior scams
Robocalls and phishing
Fraudulent investments
Fake stimulus checks
Malware and app tracking
You paid up front, but they took the money and ran.
A unique financial situation calls for unique scams.
Spam, spam, spam and more spam.
“Oh, I can ‘get in on the ground floor,’ and I shouldn’t research this?”
That big check you received in the mail might be too good to be true.
Those apps on your phone can’t always be trusted, you know?
SCAMS BY AGE
TARGETED MOST FREQUENTLY 30- to 39-year-olds
HIGHEST LOSSES 60- to 69-year-olds
8 SCAM PAYMENT METHODS 1
Credit cards
SCAMMERS MADE CONTACT
2
Bank account debit
Phone
3
Mobile or web payments
4
Wire transfers
5
Prepaid cards or gift cards
6
Cash or cash advances
7
Checks
8
Money orders
4 WAYS
$4.6 million in losses
$8 million in losses Websites
$5.8 million in losses
$4.3 million in losses
$2.8 MILLION IN LOSSES $2 MILLION IN LOSSES $10 MILLION IN LOSSES $900,000 IN LOSSES $1.3 MILLION IN LOSSES $816,000 IN LOSSES $279,000 IN LOSSES
Credit cards were the most commonly used payment method, though wire transfers had the highest losses.
Summer 2020 | ElevateAZ.com
Target initiated contact first
$5.8 MILLION IN LOSSES
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Do you have questions about how these scams work? Visit nbaz.com/coronavirus for more information.
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Navigating Financial Cents podcast host Brent Cannon (right) discusses practical business strategies with John Lewis, director of community banking at National Bank of Arizona.
“ In times like this, you have to establish a good working relationship with your banker. Take time so they can learn about your business, so they’re prepared to help as you go throughout these transitions.”
John Lewis, Senior Vice President and Business Banking Manager, National Bank of Arizona
Uncertainty NB|AZ experts offer insights and strategies on staying profitable
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N THE FACE OF so much uncertainty and volatility, businesses across Arizona are having to make tough decisions about how they can remain profitable. Should they stay the course or pivot their business model? Can they leverage their business and banking relationships to keep their business healthy? Can fixed expenses and operating costs be leveraged to make the cost of doing business cheaper? These tough questions were recently explored in a twoepisode special of the Financial Cents podcast, created and produced by National Bank of Arizona and featuring insights from bankers and business leaders. There’s no going back
Special podcast guest Stephanie Sims put it best when she said what is becoming all too clear for many business owners: “At this point, holding our breath and hoping everything goes back to the way it was is not going to work for any of us.” Sims, the founder of Finance-Ability and author of “Funding Your Business Without Selling Your Soul,” goes on to say that, “As we start to think about what the future looks like, I would suggest every entrepreneur—even if you think that your core business is solid— should take a moment to reevaluate things.” Podcast guest John Lewis, senior vice Stephanie Sims, Founder, president and business banking manager at Finance-Ability National Bank of Arizona, added that, “In times like this, you have to establish a good working relationship with your banker. Take time so they can learn about your business, so they’re prepared to help as you go throughout these transitions.”
uncertainty. Among them was tapping into operating leverage. According to Cannon, executive vice president and director of community banking at National Bank of Arizona, for every incremental dollar of revenue you earn, there’s Brent Cannon, Executive an operating cost associated Vice President and with it. Maximizing operating Director of Community Banking, National Bank leverage, then, is “lowering of Arizona the expense of earning that incremental dollar of revenue.” Whether that means finding efficiencies in your business practices or renegotiating fixed expenses, maximizing operating leverage can allow you to get more bang for your buck. Get more insights on Financial Cents
The entire conversation between Sims, Lewis and Cannon can be found on the Financial Cents podcast, available wherever you listen to your podcasts. Along with this two-episode special, you can find more episodes that feature bankers from around National Bank of Arizona, along with Arizona business leaders. Hosted by Brent Cannon, each episode offers the kind of insights and information you could only get from having a friend in the business. For more, visit nbaz.com/financial-cents.
Strategies that make a difference
Subscribe
to Financial Cents at NBAZ.com/Financial-Cents
Summer 2020 | ElevateAZ.com
During the two-episode special, Sims and Lewis, along with host Brent Cannon, discussed practical strategies businesses can use to remain profitable as they navigate through
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Business as Usual? How consumers are responding to the COVID-19 crisis
A
story Jake Poinier
trio of “un” words—uncertain, uncharted and unknown—has gotten a thorough workout during the COVID-19 pandemic. To describe the behaviors of consumers, Mary Holman, private banking director at National Bank of Arizona, suggests that cautious fits the bill.
“In general, what we’ve seen is consumers being cautious about making major moves or changes to their current situation,” says Holman. “It also depends on what you’re looking at, especially with big decisions. As far as investing in the market, for example, a lot of people are sitting on the sidelines and just waiting—particularly our high-net-worth clients who are looking for opportunities in commercial real estate.”
Holman adds that she doesn’t see consumers wanting to take on additional debt, such as unsecured lines of credit, because of the uncertainty. She is, however, seeing consumers being proactive when it comes to refinancing mortgages. “[This may be] because of the opportunity to take advantage of low interest rates, which helps their overall cash flow and gives a bit more of a cushion,” she explains.
Arizona by the numbers From a surge in online buying to adapting to new ways of shopping and dining, COVID-19 has had a profound effect on the consumer market, across the nation and in Arizona. Dr. Lee McPheters, research professor of economics in the W. P. Carey School of Business at Arizona State University and director of the school’s JPMorgan Chase Economic Outlook Center, notes that Arizona consumer spending dropped by nearly a third between March 15 and April 15, when it bottomed out. Restaurants took the biggest hit with sales down by 60 percent, while grocery spending surged upward about 75 percent around the middle of March. As of mid-June, it was up about 4 to 5 percent for the year. “What we are seeing is an example of ‘effective demand,’ which refers to spending driven by two factors: the ability and willingness to pay,” McPheters says. “Due to layoffs, combined with the risks from the virus, there was a massive collapse of effective demand after the middle of March. Overall consumer spending in Arizona turned up somewhat in April when the stimulus payments started, and took another jog upwards when the state began reopening.” As of mid-June, McPheters says overall consumer spending was still down by double digits compared to March, about 12 percent. Despite all the photos and videos of crowded restaurants and bars, restaurant spending was still down about 40 percent at that point, due to people not fully willing to take risks amidst higher numbers of COVID-19 cases.
Spending vs. saving On the brighter side, U.S. retail sales surged 17.7 percent in May, a record increase that exceeded economist predictions and arguably represented the unleashing of pent-up demand
“ I think people are being prudent and addressing some hard questions. The caveat is, of course, is this is what your situation is now. In two months it could be completely different.”
Looking ahead Mary Holman, Private Banking From an anecdotal perspective, Director, National Bank of Arizona that matches Holman’s perspective on consumer behaviors during coronavirus, particularly due to the work-from-home effect. “In many ways, people couldn’t spend as much, because we’re not going out to dinner as often or going on vacations,” she says. “Working at home means you’re not buying shoes, clothes or even makeup, because you probably don’t have to get dressed up every day. On the other hand, when you’re sitting at home with nothing else to do, just look at what happened to Amazon sales.” The way forward for consumers is rife with, yes, uncertainties and unknowns. “I think people are being prudent and addressing some hard questions,” Holman says. “How long can you last if you have to take a pay cut or you lose your job? How long can you last if you’re a small business owner and you’ve been limping along? The caveat is, of course, is this is what your situation is now. In two months it could be completely different. I’m a glass half-full type of person when it comes to the economy. We’re social creatures, and it’s natural to want to be around other people.”
Summer 2020 | ElevateAZ.com
Supply vs. demand “One of the oldest debates in economics is whether supply creates its own demand,” says McPheters. “The reopening of business improved supply, but it still looks like that is not enough to give a big boost in demand.” Essentially, McPheters says the overall outlook for consumer spending, with the exception of grocery stores, is weak. With unemployment claims still rising and stimulus support eventually ending, this will definitely be “a down year for retailers and restaurants in Arizona.” According to Morning Consult Economic Intelligence data, Arizona consumer confidence climbed 2 points from May to June, but was still more than 20 points down from earlier in the year. “The majority of people still prefer to stay at home and they don’t engage in all the activities in the same way they did before the pandemic, and that is likely to stay that way,” Sabrina Helm, Petsmart Associate Professor of Retailing & Consumer Sciences at the University of Arizona, told the Phoenix Business Journal in June. “Consumer sentiment is most likely to get even more fragile in the coming weeks, particularly in Arizona as we see infection rates are going up.”
from cooped-up consumers. Clothing and accessories stores—whose revenues rose 188 percent in May—were the main driver, according to the Census Bureau. “The data indicate that overall spending has started to recover more quickly than we had initially thought and, with many states not easing their lockdowns until well into May, sales look set for a continued recovery in June,” says Andrew Hunter, senior U.S. economist at Capital Economics. Nonetheless, there is an undercurrent of caution even in our consumer-centric world. The Great Recession had driven Americans’ saving rates upwards, as they realized the importance of preparing and protecting themselves—and COVID-19 appears to have magnified that effect. In April, Americans socked away a third of their after-tax disposable income, according to the U.S. Bureau of Economic Analysis. In addition to being a record, that represented an increase from a 13 percent savings rate in March and 8 percent in February. Reinforcing that, a Gallup poll in April also found that 51 percent of Americans were spending less than in previous months—the first time there was a majority since 2010.
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pandemic pivot
STORY DEBRA GELBART
Arizona businesses forge new paths in the face of an economic shutdown
F
ASHION-INDUSTRY LEADER retools to make vital apparel. Photographer shifts to contact-less model to preserve childhood memories. Respected nonprofit ramps up efforts to feed those in need. Long-running restaurant tweaks business model to survive challenging times. In light of the current pandemic, businesses have had to develop alternatives to their core services and products in order to survive. Here are just a few Arizona businesses that, through creativity and perseverance, have successfully pivoted during the pandemic.
SHIFTING GEARS The Fashion and Business Resource Innovation Center (FABRIC) typically manufactures apparel and helps emerging fashion brands with design development. But since the pandemic hit, they've shifted their focus from cutting-edge fashion to much-needed personal protective equipment. A fashion industry incubator located in Tempe, FABRIC is composed of three entities: LabelHorde, which provides
education, design development and business support services; Arizona Fashion Source, owned by FABRIC co-founder Sherri Barry, which offers manufacturing and use of the FABRIC building for events; and the Arizona Apparel Foundation, a nonprofit that provides free and discounted services to the fashion community. “By mid-March, multiple healthcare facilities had contacted us looking for isolation gowns,” says Angela Johnson, FABRIC co-founder and owner of LabelHorde. As part of a COVID-19 personal protective equipment mitigation task force organized by the Arizona Commerce Authority, FABRIC began producing FDA-approved reusable isolation gowns. Prior to March, FABRIC manufactured small quantities of clothing for startup brands. “Now we’ve added about 40 sewing machines to our space and are producing hundreds of thousands of isolation gowns,” Johnson says. “We already had the industry professionals needed to design apparel. The challenge has been to find enough experienced, skilled sewing technicians to sit at those 40 additional sewing machines.” It took a while to ramp up and “totally pivot our model,” she
“There are plenty of folks who still want to avoid the grocery stores and prefer picking up their grocery orders curbside from us, along with a family-style meal for the night.” Colleen Riske, Co-Owner, Los Sombreros continues. “We’re now making close to 1,000 gowns a day. Our goal is to make 2,000 a day.” Johnson says FABRIC will continue making these gowns post-pandemic shutdown. “The hospitals love [them]. They really appreciate the sustainability factor because the gowns are reusable. Doctors from the healthcare facilities were also part of the design process. They got to design their ultimate gown and each facility has its own unique preferences.”
Photo: FABRIC
PICTURE PERFECT
COMMUNITY COLLABORATION Every day, the Society of St. Vincent de Paul of Arizona (SVdP) serves more than 4,000 meals across its five charity dining rooms in the Valley. Usually, those meals are prepared by staff and volunteers in SVdP’s central kitchen from food donations and fresh produce harvested from the organization’s three urban farms, explains Shannon Clancy, St. Vincent de Paul’s associate executive director. “As we all began reacting to and navigating the
MARKET STAPLES During the shutdown, Los Sombreros—a Mexican restaurant with locations in Scottsdale and Phoenix—was faced with devising alternatives to dine-in service. While figuring out the best way to buy pantry and refrigerator staples for the restaurant, owners Kurt and Colleen Riske decided to create an online grocery mini mart. Called the Mercado, it allowed customers to purchase such food staples as produce, dairy, eggs, pantry items, prepared foods, beer, wine, cocktails and even paper and plastic goods, all of which could be picked up curbside. The restaurant also started driving a “margarita van” through neighborhoods, offering margaritas, chips and salsa, and pints of homemade ice cream. In addition, chicken and vegan bowls were available at a drive-through option set up to operate strictly during the shutdown. The restaurant donated and served 130 of the bowls to out-of-work food industry workers in a single afternoon at its Phoenix location. “Our customers have expressed so much gratitude for the Mercado,” Colleen says. “There are plenty of folks who still want to avoid the grocery stores in-person and prefer picking up their grocery orders curbside from us, along with a family-style meal for the night.” Riske says before the shutdown, 95 percent of their business was dine-in. Through these alternatives, the restaurant replaced about 30 percent of its revenue.
Summer 2020 | ElevateAZ.com
Sewing technicians make isolation gowns for healthcare workers at FABRIC's studio in Tempe.
Kay Eskridge, owner of Images by Kay and Co. Photography, was coping with an empty portrait studio—and decreased revenue—during the shutdown. To keep herself busy, she made positivity bracelets, painted “happiness rocks,” sewed protection masks, and created signs with uplifting messages for people passing by her home. “These activities served two purposes,” she says. “Helping others and giving me a way to cope with the pandemic.” But when it came to her business, Eskridge took her photography skills and applied them to this whole new world of social distancing by creating a way for parents to capture a treasured part of their children’s lives. The Lovables Collection offers no-touch portrait sessions in which a parent can set an appointment and drive up with their child’s “lovie” (toy, teddy bear, doll, stuffed animal, etc.) that Eskridge borrows for a quick portrait while the parent waits in the car. Then, through email, Eskridge and the parent design a wall portrait of the child’s friend for the child’s room. The finished product is delivered to the family. The Lovables Collection will become a permanent addition to her studio product line. “It’s been amazing how clients say it’s helped quell their kiddos’ fears. Parents have crafted stories about how the child’s toy came back safely because Mommy and Daddy took precautions and were ‘safe’ when they took the toy to see Kay,” Eskridge says.
crisis,” she says, “we recognized that we needed to find an alternative way to serve pre-packaged, to-go meals at scale to protect the health and safety of our guests, volunteers and staff.” To accomplish this, SVdP began purchasing food from local restaurants, ensuring the nonprofit could continue to serve meals without disruption, and the restaurant could keep their employees working and on the payroll. One of those eateries is Serrano’s Mexican Restaurant. “[We are] tremendously blessed by our restaurants’ success,” says CEO Ric Serrano. “We’re grateful to St. Vincent de Paul for this innovative opportunity that was a win for us and a win for the community members they serve.” The lesson to be learned here, Clancy says, “is the great power we have to help the most vulnerable people in our community when we come together, pool our strengths, and find creative solutions to the need at hand.”
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sound mind, sound body Well-being experts tout the importance of self-care for working professionals
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N THIS SEASON of uncertainty, one thing remains indisputably certain: We all need to take care of ourselves. It’s funny how something so obvious can so easily—and so routinely—get overlooked. But then again, the world we all knew changed abruptly this spring. Classrooms moved to family rooms, offices transitioned to kitchen tables, and even though we were able to trade pencil skirts for sweatpants most days, as busy professionals we suddenly had more responsibility in a smaller space, all at once. In these challenging times, wellness exercises—both physical and mental—most likely aren’t top of the to-do list. Getting through another identical day is, however, and intentional wellness practices could help with the at-times crippling monotony. Melissa Hile, owner of TruHit Fitness in Paradise Valley, watched as her gym was forced to pivot immediately and her members had to switch up their routines. She loaned her equipment out to her members because, in lockdown, she knew they’d need it. And she launched a live feed on social media to encourage her members to remain engaged with their fitness goals. “If you’re saying you can’t fit a workout in, it’s just an excuse,” Hile says, noting the
positive ripple effect a fitness routine offers. “At the end of the day, someone busier than you is working out.” Time can get away from you quickly, though, even when being quarantined seems to add hours to the day. That’s why Hile suggests getting a workout in early, before the day gets going. Squeeze it in before kids wake up, before answering Slack notifications and before sitting down to tackle a project. “I create a date with myself almost,” Hile, a mom to young children, says of the alarm she sets each morning. “Anybody who works out in the morning makes healthier choices throughout the rest of the day.” It is a balancing act, for sure, adds Chung Trinh, founder and CEO of Lighthouse Psychiatry in Gilbert. While suggesting we all embrace a sense of self-compassion during this time, by keeping expectations realistic, Trinh says our mental well-being benefits from physical activity and outdoor engagement.
“Schedule breaks where you physically step out of the office and immerse yourself in the environment,” he suggests. “Get some fresh air.” To clear the mind of negativity, Trinh recommends remembering to be grateful for the goodness in our lives, even during a difficult period, and creating a clear separation between work and family. This can be achieved by shutting down and putting work away at a certain time each night, or creating a space exclusively for work and nothing else. “Create clear boundaries,” he says. “When work is done, put it away so it’s out of sight and out of mind. Then, focus on the home life.” And when it comes to children, Trinh says parents working from home need to understand that without structure, kids just don’t know what to do. He suggests involving them in developing solutions to challenges and frustrations, and building a structure that benefits their need for order and your need to work.
“Schedule breaks where you physically step out of the office and immerse yourself in the environment. Get some fresh air.” Chung Trinh, Founder and CEO, Lighthouse Psychiatry Overall, though, he encouraged everyone to look for potential upsides. “Use this as an opportunity. This is a time to break old habits that may not have been healthy,” he says. “It’s almost like making a new playbook for what wellness and positivity can look like from a self-compassion standpoint.” Lisa Van Loo
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OGISTICALLY, MOVING TO a remote-based operational model as a result of the pandemic was a simple transition for Yung Koprowski, founder and CEO of Y2K Engineering. When she founded the traffic engineering firm in 2017, she made sure the entire operation was cloud-based, making it easy for her 13 staff members to work from anywhere. “Right now is really no different, aside from the fact that it’s harder to differentiate between when work starts and when it ends,” Koprowski says. “We have good, cloud-based IT infrastructure. We’ve been using it a long time and it works for us. That’s been the biggest compliment I’ve gotten from our team members about how easy the transition has been from home.” The real challenge, however, came in the juggle the pandemic presented, demanding Koprowski to run a business and a household from the same spot for weeks on end. Millions of Americans can relate. Koprowski, who was recently appointed to the Gilbert Town Council, admitted that it took a little while for her family to find a system that worked best for them, as she and her husband worked and their two elementary-aged children tried to figure out online classes.
Yung Koprowski, CEO of Y2K Engineering, with her children at their home in Gilbert.
the new normal Pandemic presents business owners new challenges to work-life balance
Summer 2020 | ElevateAZ.com
“I was looking at my friends and they were creating amazing daily schedules for their kids,” Koprowski says. “I tried so hard at the beginning. It took me a week or two, but I finally realized it was way too much and it didn’t work for me to fit schoolwork in the same days I had actual work.” So the couple achieved a manageable balance by finding a rhythm that worked for them. A few days a week, she would sit with the kids and work through their meetings and assignments, dedicating fully-focused time to what the kids needed to accomplish, rather than sharing her focus between work and school. “They get lots of free time, but it allows me to be able to work,” Koprowski says, noting that virtual meetings during the pandemic seemed to stack up in the absence of the previously-needed buffer in between meetings for travel time. “I’ve seen them improve on certain skills.” Her daughter has improved on her sight words, and her son has really thrived in math and science. And both have developed a few new life skills. “We’re doing life lessons that weren’t assigned, but I know will be valuable,” she says. Wanting to inspire her staff to find balance in their own lives, Koprowski continued with the company’s annual cycling competition, which they participate in during Valley Bike Month in April. By clocking 400 miles for the month, Koprowski’s husband ended up winning the challenge, which encouraged everyone to take time for themselves outside. “It really helped the first month go by much faster,” Koprowski says. “And it allowed all of us to go out and get fresh air. It helped with our mental health.” Looking ahead, Koprowski says she’s been discussing what work will look like in the months to come with her staff, and it seems they may stick with some type of hybrid operation, allowing team members to work from home or the office depending on needs. As a mom, she knows she’ll be working from home at least through the summer. “Working from home does work,” she says. “Some companies are moving towards work from home indefinitely. We can leave this work-from-home model open for a while.” Lisa Van Loo
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VERY TUESDAY, THEY WAIT by a worn door at the Fray Garces Colombian Hall in Glendale, a congregation of regulars and newcomers, many arriving with abandoned grocery carts overflowing with their sole possessions. For many homeless and low-income people, nonprofit organizations such as Grateful Hearts Free Meals offer not only food, clothing and hygiene products, but also a respite from unpredictable lives. Lately, however, even these safe havens are facing tough times with the onset of COVID-19. Olivia Templeton, Grateful Hearts executive director, says the number of volunteers and visitors has dropped substantially since the outbreak. “A lot of my volunteers were older and didn’t want to get exposed, while the [people needing help] assumed we were
seeing families and people saying they’ve lost their jobs and that they’re grateful for this food they’re getting.” According to Merrifield, the quickest, simplest and most impactful way Arizonans can help nonprofits provide essential supplies to the community is through monetary donations. In fact, a record-breaking $6.1 million was raised in April for Arizona Gives Day, the annual day of online giving. Formed in 2013 by the Alliance and Arizona Grantmakers Forum, this is the first time in which donations surpassed $3.6 million. “We are stunned by the astonishing response, especially when hundreds of thousands of people in our state aren’t working because of the pandemic,” Merrifield says. “To say we’re grateful doesn’t even begin to express how we feel about the people of our state. Truly remarkable.” In addition to monetary donations, food and critical
a call to action Ways you can help Arizona nonprofits weather the COVID-19 storm closed,” she says. “We’ve lost about half of our volunteers and regular visitors.” According to Arizona’s COVID-19 Nonprofit Pulse Poll compiled by the Alliance of Arizona Nonprofits, as of June, the reported total loss of nonprofits’ revenue was $53 million with 2,877 reported total organization layoffs and furloughs, and 36,477 reported total number of loss of volunteers. “A lot of people don’t often consider how lives are touched by nonprofits. When we stop and think, many hospitals and schools are nonprofits,” says Kristen Merrifield, Alliance CEO. “Nonprofits are always there and will continue to be. But without support, they can’t be readily available to serve at the level needed if we don’t fund them property.” Pamela Keefe, vice president and nonprofit relationship manager for NB|AZ, also knows the toll an economic plummet can have on a community. More than 3,000 nonprofit organizations are NB|AZ’s clients. “Nonprofits are the engine of our community,” says Keefe, a veteran banker with more than 30 years of experience. “If we didn’t have nonprofit organizations, we would feel it.” No one knows this better than the staff and volunteers at United Food Bank, an East Valley-based nonprofit that, in response to the pandemic, began a drive-thru food distribution program in March. In an article for The Arizona Republic, Tyson Nansel, United Food Bank director of external affairs, said the first distribution drew about 550 families. By midApril, that number rose to 2,200. “That’s about 6,000 to 7,000 individuals,” he said. “We’re
supplies are also in great demand. The Greater Phoenix Chamber of Commerce has compiled an online list of essentials needed by various Valley organizations, with requests ranging from masks to disinfectant wipes. Since there’s also been a reduction in volunteerism, particularly at food banks, many organizations are also calling upon volunteers. At the beginning, “…[We] lost 100 percent of our corporate volunteer groups and youth church groups,” Nansel said. “We were scrambling to get volunteers to come help us and the community of Arizona has been great in answering our call.” Keefe says there are many ways to give back that don’t require writing a check. “Money is needed, but your time is valuable,” she says. “Time is a great gift.” Templeton agrees. “People should find an opportunity that aligns with their passion, whether it’s helping animals, working with the homeless or mentoring at-risk youth,” she says. “It makes you appreciate your own circumstances and help others. You never know when that can be a turning point in someone’s life.” Although no one can predict what the future holds when it comes to the pandemic, the hope is that this will be a learning experience for the better of Arizona. “When we’re all back together, we need to keep the well-being and safety of others in mind,” Keefe says. “I think we’ve taken a lot for granted. Going back to the world is going to be different, but it’s going to be better because we will cherish family and friends and support local businesses again.” Julia De Simone
Volunteers sort food donations at the United Food Bank in Mesa. The East Valleybased nonprofit distributes nearly 24 million pounds of food to individuals and agencies in need per year.
Looking for ways to volunteer? The Alliance of Arizona Nonprofits suggests these organizations to find opportunities: HandsOn Greater Phoenix handsonphoenix.org Helping Hands helpinghands.community
United Way of Tucson & Southern Arizona volunteer.unitedwaytucson.org Volunteer Match volunteermatch.org
Summer 2020 | ElevateAZ.com
Valley of the Sun United Way volunteer.vsuw.org
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Gains & Growth
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HOUGH KEEPING EMPLOYEES on the payroll during a pandemic may be the ultimate challenge for many business owners, fostering and growing your network at a time when most of us are spending less time meeting face to face may be just as daunting. Fortunately, these business professionals have found a way. From social media, marketing and networking, they share their advice and suggestions on keeping your business thriving and going strong.
Carlos Velasco CEO, Novle In 2017, Carlos Velasco changed his company name from Velasco Consulting to Novle to more accurately reflect his core values: integrity, humility and noble pursuits. Today, the Phoenix-based company connects companies to the Latino community in a way that’s meaningful and profitable. Case in point, Colados Coffee & Crepes in Avondale and Goodyear. During the shutdown caused by the pandemic, the restaurant’s dining areas were empty. To spark continuing interest in the restaurant, Velasco suggested the owners post recipes for their crepes and colado coffee (a type of Cuban espresso) on Instagram, and then sell the ingredients curbside. Customers flocked to the stores to purchase either the ingredients or the finished products, Velasco says. “This fits with an expanding ‘do-it-yourself’ culture,” he explains. “You have to educate the community about your product or service in the way they want to be educated.” And you have to be willing to share your knowledge on a variety of subjects, Velasco adds. “Now is not the time to think you’re going to lose your competitive advantage by sharing your secret sauce,” he says. “Whatever you know, those concepts and ideas should be shared, because they may help sustain someone else during a rough time. People always remember who was there for them.”
Tish Times Owner, Tish Times Networking & Sales Training Tish Times teaches people how to harness the power of sales and networking. “We teach business owners to create revenue-generating business connections, follow up effectively, stay top-of-mind, shorten the sales cycle, and close sales with ease,” she explains. Because Times works mostly with clients online, her business didn’t experience a significant lull during the shutdown. “But many of my clients did, so we talked through it and I offered some strategies for coping with it all,” she says. For example, one of her clients had been pursuing only in-person marketing for her business. Times showed her how to find ideal clients just as successfully by using online tools such as LinkedIn and industry association websites. Times’ advice for growing your network includes these
Business experts share how to make the most of these unprecedented times
principles that can apply during both boom times and challenging business cycles: 1) Determine how you want to grow your network and who you want to meet. 2) Don’t waste your time attending online networking events that your ideal clients aren’t attending. 3) Give before you ask. Find out who your ideal clients need to meet and help facilitate those connections. They will be more likely to work with you after you’ve added value for them.
Jennifer Villalobos Vice President of Business Development, M3 Commercial Moving & Logistics With her know-how in marketing, Jennifer Villalobos knew she could do more as business slowed to keep her company top of mind. She wanted to provide more value to her customers and the community while many businesses remained closed. She also wanted to strengthen corporate partnerships. To do this, she hosted free weekly webinars on such topics as “Social Media 101,” “Facebook and Your Business” and “Instagram and Your Business.” In addition to real estate agents and commercial brokers, restaurant owners, massage therapists and other professionals with no apparent connection to a commercial moving company heard about the webinars and signed on. As a result, followers of M3’s social media accounts increased, many of whom she’s built relationships with. Her advice for growing your network? “Make your presence noticeable and ensure you’re focusing on genuine relationshipbuilding,” she says. “Reach out and see how you can be of service to those around you by helping to open the door to others in your network who could benefit from a new relationship.”
Stephanie Sims Founder, Finance-Ability There’s an art to asking for funding. Just ask Stephanie Sims, founder of Finance-Ability, which helps “entrepreneurs tell economic stories that make ‘dollars and sense’ so they can get a ‘yes’ from investors, bankers, partners and clients,” says Sims, who is also the author of “Funding Your Business Without Selling Your Soul.” According to Sims, when it comes to growing your network of potential investors and financiers, thinking of others first can pay off. She advises business owners to build a wish list of specific contacts and find a way to be helpful to the people you want to connect with. “If you can provide them with a unique perspective, a connection, even a research report that would be useful to them, that can make a huge difference,” she says, adding that it’s also important to stay be genuine. “Business isn’t B2B or B2C; it’s H2H (human to human). Behind every social media profile, website and business card is a person. Focus on connecting with them, not just adding them to your list.” Debra Gelbart
COVID-19 Resource Guide Arizona’s community leaders have your back, especially in these trying times of pandemic isolation and uncertainty. “The greatest message for organizations and leaders is to know that they’re not alone,” says Kristen Merrifield, CEO of the Alliance of Arizona Nonprofits. “It’s easy in these times to recluse and not reach out, (but) organizations…can relate to you and have resources.”
Arizona Commerce Authority As the state’s leading economic development organization, the Arizona Commerce Authority (ACA) has gathered resources to support businesses owners and employees as they take steps to return to operating their businesses. azcommerce.com/covid-19
Arizona Small Business Boot Camp Collective The ACA and Local First Arizona also have launched a statewide initiative to help Arizona’s small businesses respond to the immediate impacts of COVID-19. Over the course of six weeks, local business leaders and subject matter experts will provide live, daily sessions to help small businesses “return stronger.” The initiative is supported by a group of community partners. azcommerce.com/small-businessboot-camp
AZ Coronavirus Relief Fund
Maricopa Small Business Development Center
The Arizona Department of Economic Security (DES) is the State of Arizona’s human services agency with more than 40 different programs and services for individuals and families in need of support. Due to COVID-19, DES is offering such programs as Pandemic Unemployment Insurance and unemployment relief for workers affected by COVID-19. des.az.gov/services/coronavirus
The Maricopa Small Business Development Center provides advising, training, online courses and resources for businesses throughout the Valley. Offices are currently available for consulting meetings online or on the phone. maricopa-sbdc.com/covid19
Local First Arizona
In response to the COVID-19 pandemic, small business owners were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Note: At this time, only agricultural business applications will be accepted du to limitations in funding availability. sba.gov/funding-programs-disasterassistance/coronavirus-covid-19
Local First Arizona (LFA) is a nonprofit organization that celebrates independent, locally-owned businesses, and raises awareness of the economic and cultural benefits provided by strong local economies. As the community deals with the implications of COVID-19, LFA is providing resources, hosting webinars and offering consultations on navigating the current issues small business owners are faced with. localfirstaz.com/covid19
Greater Phoenix Chamber Since 1888, the Greater Phoenix Chamber has been meeting the needs of the business community. In response to COVID-19, the chamber has gathered information on available resources and answers to frequently asked questions about how to navigate these uncertain times. response.phoenixchamber.com
U.S. Small Business Administration Disaster Loan Assistance
U.S. Chamber of Commerce The U.S. Chamber of Commerce is marshaling all its resources to help companies stay afloat and keep paychecks flowing to American workers and families; mobilize the business community to combat the pandemic; and help companies prepare for a safe, successful, and sustainable reopening of the economy. uschamber.com/coronavirus
Summer 2020 | ElevateAZ.com
The AZ Coronavirus Relief Fund will provide financial support to organizations working to mitigate the impacts of COVID-19 in Arizona. Initially, the fund will focus on funding of personal protective equipment for frontline medical personnel; nonprofit organizations that support the most vulnerable Arizonans; and efforts to provide low-income students with technology. arizonatogether.org
Arizona Department of Economic Security
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