There’s a new lifeline for Phoenix’s smallest businesses as the COVID-19 pandemic drags on.
A new partnership between the Valley outpost of the Better Business Bureau, the city of Phoenix and GoDaddy Inc. is helping local business owners access interest-free microloans.
The partnership has launched the Phoenix Kiva Hub, a platform for local business owners to access relief using crowdfunding. The program is open to all applicants, but it is tailored to businesses in historically marginalized communities like women and people of color that have traditionally faced greater barriers to capital. Loan amounts range from $1,000 to $15,000.
“We know that businesses succeed when there’s the right mix of capital, technical assistance and network resources,” Stacy Cline, senior director of corporate social responsibility at GoDaddy, said in a statement. “We’re excited to expand our partnership with BBB Phoenix and the launch of the Phoenix Kiva Hub to get much-needed capital into the hands of local businesses who need it now more than ever.”