Arizona insurance company donates $5M to Hispanic group for PPP loans

Posted at 9:35 AM, May 20, 2020
and last updated 2020-05-20 12:35:26-04

Blue Cross Blue Shield of Arizona said it will give $5 million to Chicanos Por La Causa for Paycheck Protection Program loans to help minority-run small businesses struggling during the coronavirus crisis.

The funding will enable the community development corporation’s lending division, Prestamos CDFI, to provide more loans in addition to what it already has offered.

"Small businesses are hurting, and it's creating a significant ripple effect. If an employer is unable to meet payroll, families are unable to put food on the table, bills are unable to be paid and the local economy suffers," said David Adame, president and CEO of CPLC, in a statement.

"While many small businesses in the state have been denied access to emergency capital, we're grateful that Blue Cross Blue Shield of Arizona is partnering with Chicanos Por La Causa to provide additional resources that will allow small business owners to continue serving our communities."

Read more from the Phoenix Business Journal.