Community Investment Corporation
2525 E. Broadway, Ste. 105
Tucson, Arizona 85716
Attention: Albert Celaya
(520) 529-1766 x202
(520) 908-6045 Fax
Overview of Non-Profit Loan Program
This is a brief description of the loan program and requirements including applicant eligibility, eligible uses for the funds and loan amounts. For a complete description of the necessary documents involved in submitting an application and specific requirements, please refer to the Application and Loan Application Checklist.
The Industrial Development Authority of the County of Pima (the “Authority”), in conjunction with Wells Fargo Bank, is committed to supporting the development and expansion of the local community by awarding low interest rate loans (“Non-Profit Loan”) to nonprofit organizations in Pima County.
Eligible applicants include non-profit organizations in good standing with the Arizona Corporation Commission, qualified to do business in Arizona, operating in Southern Arizona and have the legal capacity and authority to incur obligations required by the Pima IDA.
Eligible Uses of Funds
To be eligible for a Non-Profit Loan, the project must address or complete an activity outlined in the approved Project Plan (which sets out the use of funds) and be located in Pima County.
Eligible Uses of Funds include:
Acquisition: Acquisition of fee title or interest other than fee title of real property.
Rehabilitation: Activities directed to sustain the existing form, integrity, and material of a building, structure, or site. Includes repair or alteration that makes possible a contemporary use while preserving those features of the property which are significant to its historical, architectural, and cultural values.
Restoration: Activities directed to accurately recovering the form and details of property and its setting as it appeared at a particular period of time by means of the removal of later work or by the replacement of missing earlier work.
New construction: Eligible use of loan funds must conform to the Project Plan and guidelines.
Leasehold improvements: Rehabilitation, restoration, or minor new construction activities are eligible uses of loan funds if the term of the lease is at least equal to the term of the loan.
Purchase of equipment and furnishings: Loan funds may be made available in combination with other capital improvements and may be made for the purchase of major capital equipment.
Capital Expenses: Eligible use of loan funds to acquire or upgrade physical assets.
The minimum loan commitment made for any specific project is $100,000 and the maximum loan is not to exceed $350,000.
Loan Terms and Conditions
Interest rate is set by the Authority based on collateral, but is generally below bank rates for similar credit, in the range of 6.0% to 8%.
Maximum loan term is 5 years.
No prepayment penalties.
Associated application processing fees.
Pledge of Collateral.
Preference is given to projects that stimulate the development of new or expand existing services that will benefit the Pima County or local community or create jobs therein.
501(c)(3) Organization: The organization must have a nonprofit designation as a 501(c)(3) entity from the Internal Revenue Service.
Pima County: The organization must be located in Pima County
Project viability and potential: Are the project objectives clearly described? Are the project budget, design, and personnel reasonable to accomplish project objectives?
Repayment Plan in Place: The organization must have a detailed plan for repayment of loan.
Readiness: The project must be ready to proceed and meet project objectives in a realistic and timely manner.
For information or questions regarding the Non-Profit Loan Program, or to file a completed application, please contact the Community Investment Corporation