Building a Sustainable Future: The Collaborative Effort to Empower Small Businesses in Northern Arizona
In a significant 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
The recent opening of GPAz’s new office on the Moonshot AZ campus in Flagstaff marks a pivotal moment for the organization and the community it serves. During an open house event hosted by Moonshot AZ, Scott Hathcock, President and CEO, emphasized the importance of this new location. “The event was impactful for the community and marked a significant step forward in GPAz’s dedication to Northern Arizona,” he noted. The establishment of this office is not merely symbolic; it represents a commitment to providing local small businesses with 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, essential for the growth of small businesses in the area.
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. “These small businesses are the backbone of the local economy, creating jobs and driving innovation in a region that often faces unique economic challenges,” Hathcock explained. Despite their critical role, many of these enterprises struggle to secure the funding necessary for growth, expansion, and sustainability.
The partnership between GPAz, Moonshot AZ, and Local First Arizona is poised to be a game-changer in addressing this gap in the financial ecosystem. By pooling resources and expertise, these organizations aim to provide microbusinesses—particularly those in underserved and rural areas—with the tools they need to succeed.
The Microbusiness Loan Program
At the heart of this collaborative effort is the Microbusiness Loan Program, spearheaded by the Office of Economic Opportunity. This program is specifically designed to meet the needs of businesses with fewer than five employees, offering accessible and flexible financial solutions. The goal is to enable microbusinesses to expand their operations, hire new employees, and contribute more robustly to the local economy.
The collaboration with Local First Arizona further enhances the impact of this initiative, focusing on green lending and sustainable business practices—areas critical for the long-term health of Northern Arizona’s economy and environment. Hathcock highlighted the importance of this focus, stating, “Our collaborative approach, anchored by our new Flagstaff office, is key to driving meaningful change.”
Fostering Innovation and Economic Opportunities
Moonshot AZ has long been committed to fostering innovation and supporting the entrepreneurial spirit across rural Arizona. Hathcock remarked, “This partnership with Growth Partners Arizona is a testament to our commitment to creating tangible economic opportunities for small businesses, especially those in rural and underserved areas.” The establishment of the GPAz office on the Moonshot Flagstaff campus underscores the importance of having a direct, local presence to address the unique challenges entrepreneurs face.
Local First Arizona’s involvement amplifies the community-driven nature of this initiative. With a deep understanding of the local economic landscape and a commitment to sustainability, Local First Arizona plays a crucial role in ensuring that the benefits of this program reach remote and underserved areas of Northern Arizona.
A Boost for Small Business Owners
Kimber Lanning, Founder and CEO of Local First Arizona, shared insights from the organization’s experience during the pandemic. “Local First saw first-hand the difficulties local businesses face when seeking access to capital when we distributed more than $52 million in federal relief funding to help them stay afloat during the pandemic,” she said. The new Microbusiness Loan Program, when paired with one-on-one business coaching, promises to be an enormous boost for 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 partnership represents a significant step toward a brighter and more resilient economic future for the region.
In summary, the collaborative efforts of GPAz, Moonshot AZ, and Local First Arizona are not just about providing financial resources; they are about nurturing a sustainable ecosystem where small businesses can thrive, innovate, and contribute to the community. This initiative stands as a beacon of hope for entrepreneurs in Northern Arizona, promising a future filled with opportunity and growth.