Arizona Office of Economic Opportunity Announces Newest Microbusiness Loan Program Lending Partner

Additional grant funding now available to community lending organizations - Community non-profit lenders can apply until May 12, 2025 to be selected as program partners

PHOENIX, AZ (Monday, April 21, 2025) -- Today, the Arizona Office of Economic Opportunity (OEO) announced the addition of Hustle PHX to the Arizona Microbusiness Loan Program network of lending partners that issue loans on behalf of the state to small businesses with five or fewer employees.

OEO selected Hustle PHX to join the network of Community Development Financial Institutions (CDFIs) and non-profit community lending partners which provides low-cost loans across the state to qualified microbusinesses. Hustle PHX is the seventh organization selected by OEO through a grant application process to serve as a program partner. Additional lending partners include Growth Partners Arizona, Community Investment Corporation (CIC), Groundswell Capital, Native Community Capital, Verde Valley Regional Economic Organization (VVREO), and Border Financial Resources. The network of lending partners is available to assist microbusinesses across Arizona, including tribal communities.

“We’re incredibly pleased to join the network of Arizona Microbusiness Loan Program community lending partners and work with the Office of Economic Opportunity to provide the state’s most important economic drivers - our small businesses - with funding to not only grow their business, but facilitate economic growth and job creation within their communities,” said Oye Waddell, Executive Director of Hustle PHX.

“The initial response to the Microbusiness Loan Program has been tremendous, from both the lending community as well as among the microbusinesses who have already received loans through the program,” said Carlos Contreras, Director of the Arizona Office of Economic Opportunity. “As the program continues to grow with additional lending partners added and more loans issued to small business owners, we will continue to see the positive impact of the Microbusiness Loan Program in communities in every corner of the state.”

The Microbusiness Loan Program designates $5 million to be offered to Arizona based microbusinesses to enhance business growth, facilitate job creation and foster economic development in cities and towns in every corner of the state where these businesses operate. In addition to funding, each loan provided to a microbusiness (up to $50,000 per loan) is accompanied by financial education and training for the business owner to ensure positive outcomes for the loans in growing their business.

Since the program publicly launched in August 2024, more than 30 microbusinesses located throughout the state have been issued microbusiness loans using funding through the program, which requires that loan funds must be matched at a three-to-one ratio from outside funding sources. The 31 loans issued total more than $553,000, of which more than $138,000 directly comes from the state program.

Microbusinesses, those with five or fewer employees, make up a significant component of the state’s workforce; Arizona has more than 85,000 microbusinesses based in the state, employing more than 150,000 people.

The Hustle PHX portfolio of services and products is specifically designed to support entrepreneurs in accessing three essential sources of capital – intellectual, social and financial capital. Hustle PHX offers intellectual capital through training, discussions, and interactive learning activities. Hustle PHX offers social capital that connects aspiring entrepreneurs with mentors (experienced business owners) who provide assistance with incubating, designing, launching, and scaling new businesses. And Hustle PHX offers financial capital to entrepreneurs through small business loans from the Hustle PHX Community Development Loan Fund. Hustle PHX provides loans up to $50,000 through its three business loan products.

In addition, on March 31, the Office of Economic Opportunity launched an RFGA (Request for Grant Application) process to select additional lending partners for the program to continue deploying funding to microbusinesses across Arizona. For those qualifying organizations who are interested in applying for funding through the program, please visit the Office of Economic Opportunity Microbusiness Loan Program information page on the OEO website. This current funding cycle closes at 5:00 p.m. (Arizona time) on Monday, May 12, 2025.

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For media inquiries, please contact:
Jeff Hecht, Office of Economic Opportunity
[email protected]
602-703-9901