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Collaboration Enhances Capital Access for Emerging Small Businesses in Northern Arizona

Building a Sustainable Future: The Collaborative Efforts of GPAz, Moonshot AZ, and Local First Arizona

In an inspiring move to reshape the economic landscape for small businesses in Northern Arizona, three organizations—Growth Partners Arizona (GPAz), Moonshot AZ, and Local First Arizona—have joined forces to expand access to capital. This partnership is part of a broader initiative launched by the State of Arizona, aimed at driving economic development, job creation, and sustainability through the innovative Microbusiness Loan Program. As GPAz Executive Director Andre T. Whittington aptly stated, “This partnership is about more than loans; it’s about building a sustainable future for our communities.”

A New Office, A New Beginning

A tangible demonstration of this commitment was marked by the recent opening of GPAz’s new office on the Moonshot AZ campus in Flagstaff. The event, hosted by Moonshot AZ, was not only a celebration but also a significant step forward in GPAz’s dedication to supporting Northern Arizona. Moonshot President and CEO Scott Hathcock emphasized the importance of this new office, stating, “Establishing this new office is not just symbolic but essential in ensuring that local small businesses receive the direct support they need to thrive.”

With a physical presence in the heart of the region, GPAz is now better equipped to offer hands-on assistance, strengthen community ties, and respond swiftly to the unique challenges faced by local entrepreneurs. This initiative aims to foster a more connected and resilient business environment, crucial for the survival and growth of small businesses.

The Backbone of the Local Economy

Northern Arizona is home to over 50,000 small businesses, many of which are situated in rural communities where access to traditional financial resources is limited. Hathcock noted, “These small businesses are the backbone of the local economy, creating jobs and driving innovation in a region that often faces unique economic challenges.” Despite their critical role, many of these enterprises struggle to secure the funding necessary for growth, expansion, and sustainability.

This is where the partnership between GPAz, Moonshot AZ, and Local First Arizona becomes a game-changer. By pooling resources and expertise, these organizations are addressing a crucial gap in the financial ecosystem, providing microbusinesses—particularly those in underserved and rural areas—with the tools they need to succeed.

Tailored Financial Solutions

The Microbusiness Loan Program, spearheaded by the Office of Economic Opportunity, is specifically designed to meet the needs of businesses with fewer than five employees. This program offers accessible and flexible financial solutions, enabling microbusinesses to expand their operations, hire new employees, and contribute more robustly to the local economy. The collaborative approach, anchored by the new Flagstaff office, is key to driving meaningful change in the region.

Commitment to Sustainability

The partnership with Local First Arizona further amplifies the impact of this initiative, with a dedicated focus on green lending and sustainable business practices. These areas are critical for the long-term health of Northern Arizona’s economy and environment. Hathcock remarked, “At Moonshot, our mission has always been to foster innovation and support the entrepreneurial spirit across rural Arizona.” This partnership is a testament to their commitment to creating tangible economic opportunities for small businesses, especially those in rural and underserved areas.

Addressing Unique Challenges

Local First Arizona’s involvement adds a community-driven dimension to this initiative. With a deep understanding of the local economic landscape and a commitment to sustainability, Local First Arizona is instrumental in ensuring that the benefits of this program reach remote and underserved areas of Northern Arizona. Founder and CEO Kimber Lanning highlighted the challenges local businesses face when seeking access to capital, particularly during the pandemic when her organization distributed over $52 million in federal relief funding. She believes that the new Microbusiness Loan Program, combined with one-on-one business coaching, will significantly boost small business owners and strengthen the economy across Arizona.

A Bright Future Ahead

By leveraging the combined strengths of GPAz, Moonshot AZ, and Local First Arizona, this initiative is poised to create lasting economic opportunities, support job creation, and ensure that Northern Arizona’s small businesses continue to be a driving force in moving the economy forward. As Hathcock concluded, the establishment of GPAz’s office on the Moonshot Flagstaff campus is key to driving meaningful change, supporting small businesses, and building a sustainable future for Northern Arizona communities.

In summary, this partnership represents a significant step towards fostering a resilient economic environment in Northern Arizona, ensuring that small businesses not only survive but thrive in the face of challenges. With a focus on sustainability and community support, the future looks promising for entrepreneurs in the region.

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