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8| APRIL 2020 Local small businesses a ected by coronavirus eligible for loans
Community Investment Corporation is supporting local small businesses in this time of uncertainty via specialized loan products and partnerships. CIC’s immediate o erings will help bridge current and impending gaps in cash ow for small businesses as the details for a government stimulus package and quali - cations for assistance are nalized:
CIC, which specializes in business microloans up to $10,000, is making any local small business a ected by COVID-19 eligible for its nonpro t partnership and enhanced community bene t rates of 3%. Loan terms can also be extended out to ve years as needed.
CIC will also o er loans with interest-only payments for up to six months to allow small businesses to recover from the economic challenges caused by COVID-19. This product is still in the development phase but will be launched soon.
In partnership with Growth Partners Arizona (GPAz), CIC has brought Kiva, a globally successful capital resource model, to Arizona. This will provide no-interest, no-fee, community-backed business loans ranging from $1,000 to $15,000. The loans are crowdfunded on Kiva’s worldwide online platform and can help businesses at risk from the COVID-19 fallout gain access to much-needed capital. Kiva is currently o ering a six-month grace period for new payments. In addition, anyone can become a Kiva lender for as little as $25 and support the small businesses in town that are on the platform. GPAz has additional o erings at growthpartnersaz.org.
“Small businesses are essential to our economy and culture in Tucson,” says Danny Knee, executive director at CIC. “During this crisis we’re asking the community to rally around our local merchants with a di erent kind of giving—0% interest loans, which may make the di erence between a business surviving or having to shut its doors for good.”
Knee pointed out that this kind of communal lending has been done for thousands of years across a wide range of cultures to help neighbors during dif- cult times.
“This is what makes a close-knit community like Tucson special—we help our neighbors in times of need,” he says.
For CIC’s part, Knee committed $50,000 of funding to match community investments to local businesses through its partnership with Kiva and Growth Partners Arizona.
Visit Tucson ful lls $994K reimbursement to county
Visit Tucson, Pima County’s destination marketing organization, reimbursed the county more than $990,000, nearly 24 months ahead of schedule, for its tenant improvements at the Historic Pima County Courthouse.
In March 2018, Pima County and Visit Tucson entered into an initial 15-year lease agreement for space at the Historic Pima County Courthouse. The contract called for $288,600 a year in monthly lease payments and an obligational reimbursement to the county for the entire cost of its initial tenant improvements, which amounted to $975,000 plus interest.
Visit Tucson had 36 months, starting with the rst lease payment received in February 2019, to ful ll its reimbursement obligation. On February 6, the group prepaid a total amount of $994,883.99, which accounted for the remaining improvement costs with interest.
Visit Tucson moved into the Historic Pima County Courthouse in January 2019. It occupies the north wing of the second oor and the entire third oor. Its move into the historic landmark was part of the county’s e ort to preserve the building and transform it into an economic development asset that serves the region’s tourism industry.
In December, Pima County’s Attractions & Tourism O ce joined Visit Tucson on the second oor of the Historic Courthouse, and in January the County opened the Southern Arizona Heritage and Visitor Center. The Historic Courthouse is expected to be fully open by January 2021 once the University of Arizona’s Al e Norville Gem and Mineral Museum moves in and the memorial honoring the lives of the victims of the January 8, 2011, mass shooting is complete.
Modular Mining recently unveiled its customer experience center during a ribbon-cutting ceremony. Located in the company’s corporate headquarters in Tucson, the CEC’s opening coincides with Modular Mining’s 40th anniversary and celebrates the company’s continued growth and positive trajectory in Tucson and the mining sector.
“Our new customer experience center is designed to showcase how mine management solutions can improve the safety, e ciency and productivity of mining operations and help our customers do so sustainably,” says Jorge Mascena, president and CEO, Modular Mining. Established in Tucson in 1979, Modular Mining revolutionized the mining industry with the development of the Dispatch Fleet Management System. This technology was the rst of its kind in the industry and continues to help improve productivity and e ciency for open pit mines today. The Dispatch system’s global success served as the springboard for further innovation, including the ProVision High-Precision Machine Guidance system, the MineCare Maintenance Management system, and others. The company employs more than 800 people globally, with nearly 350 located in Tucson. Founded by an associate professor and three graduate students from the University of Arizona, Modular Mining highly values its roots in Tucson and its relationship with the university.
Sugar Skulls forge partnership with local restaurants
The Tucson Sugar Skulls are o ering a buy-one-get-one-free ticket special to customers who order from the team’s restaurant partners through April.
Customers with a minimum order of $20 for takeout or delivery from participating restaurant partners between now and April 30 will receive a voucher to buy up to two tickets and get two free to either of the rst two home games of the 2020 season. The Sugar Skulls season has been postponed due to the COVID-19 pandemic.
“This is a very di cult time for everyone in our community and for businesses who are doing their best to serve us every day through this crisis,” Sugar Skulls owner Cathy Guy says. “This is our way of encouraging our fans and the public as a whole to support the business community as we deal with the effects of COVID-19.”
Fans can redeem the vouchers through the team’s online ticket seller, Ticketmaster, or take the voucher to the Sugar Skulls o ce at Kino Veterans Memorial Stadium, 2500 E. Ajo Way, and purchase tickets after dates for the rst two home games are announced.
Participating restaurants are those that have remained open and partnered with the Sugar Skulls during the 2019 and/or 2020 seasons. They are eegee’s; Fat Noodle Ramen House; Hooters; Jimmy’s Pita & Poke; Kon Tiki; Mama Louisa’s; Monsoon’s Tap & Grill; Oregano’s; Planet Sub; Raising Cane’s; Romano’s Macaroni Grill; Wilbur’s Grill; and McDonald’s at 7202 E. 22nd Street, 4960 W. Ajo Highway, 9075 E. Tanque Verde Road, 8800 E. Broadway, 30 S. Houghton Road, 6105 E. Broadway Boulevard, 9490 E. Golf Links, 170 W. Continental Road, 5870 E. Broadway, 9130 E. Valencia Road, 2130 W. River Road, 13934 N. Sandario Road, 5455 E. Speedway and 6651 E. Tanque Verde Road.
