New Program Offers No Interest Loans To Small Businesses

BBB announces financing hub in Northern Arizona

(Prescott, AZ – February 3, 2022) Help has arrived for entrepreneurs in Northern Arizona to boost their businesses with access to affordable capital. Better Business Bureau Serving the Pacific Southwest (BBB) has partnered with Arizona Public Service (APS) to launch the Northern Arizona Kiva Hub, which provides zero percent interest loans to small businesses unable to access traditional capital.

Kiva pioneered personal microlending for low-income entrepreneurs and underserved communities by using a blend of community partners, municipalities and individual funders to offer financing with zero interest, no fees and technical assistance for small businesses.

The Northern Arizona Kiva Hub will support entrepreneurs throughout Apache, Coconino, Mohave, Navajo and Yavapai counties. BBB is the largest trade association in Arizona and works to raise awareness of marketplace ethics to build businesses that operate with integrity. To launch the program, BBB is proud to partner with APS, which collaborates with like-minded organizations to strengthen local communities in Arizona.

“APS is committed to helping our community thrive,” said Tina Marie Tentori, Director of Community Affairs and the APS Foundation. “We are excited about the community collaboration that developed this program and will bring knowledge and resources to entrepreneurs and small business owners throughout Northern Arizona.”

BBB has become the leader in igniting business growth by offering educational programming, mentorship, and access to online products. The addition of access to capital funding strengthens support for entrepreneurs during their journeys. BBB has two Northern Arizona campuses in Prescott and Lake Havasu City, which provide local access for rural business owners.

“In rural communities, small businesses can face additional challenges when it comes to accessing resources to help them thrive. With this new APS partnership and funding opportunity, entrepreneurs in Mohave County have a direct line of support to get their business journey off the ground,” shares Kryistyna Hook, Director of Media Relations and BBB team member located in Lake Havasu City.

Jose Anca, BBB Capital Access Manager is available to assist with the loan application, making the pathway more accessible for entrepreneurs. Kiva loans are generated through a crowdfunding model and Anca will work directly with small business owners, entrepreneurs, and diverse startups to pitch their concept to local lenders who will contribute to raising the funds.

“BBB provides a myriad of educational and technical assistance programs to entrepreneurs. We saw a massive need for interaction and capital for startups and entrepreneurs in Northern Arizona through our accelerator programs, particularly for minority and women-owned businesses. The Northern Arizona Kiva program will allow us to serve small business owners, especially in rural communities, in need of working capital to launch or survive,” shares Anca.

To apply

Kiva loans offer financing from $1,000 to $15,000 with zero interest zero fees. To apply, visit our website at kiva.bbbcommunity.org or contact innovation@bbbcommunity.org.

About Better Business Bureau Serving the Pacific Southwest.

For more than 100 years, the Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2020, people turned to BBB more than 220 million times for BBB Business Profiles on 6.2 million businesses and Charity Reports on 11,000 charities, all available for free at BBB.org. The International Association of Better Business Bureaus is the umbrella organization for the local, independent BBBs in the United States, Canada and Mexico. Incorporated locally in 1938, BBB Serving the Pacific Southwest serves Greater Arizona and Southern California, providing critical tools to ignite success including mentorship, online products and access to capital. Our objective expertise educates the community on ethical behavior in the marketplace and how businesses can build trust.

About Arizona Public Service

APS serves more than 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW)

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