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New financing option for small-, mid-sized businesses

Arizona Range News of Willcox, Arizona

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BENSON — A new financing option is now available to companies in Cochise County, thanks to a unique partnership between a lending agency and the Tucson Hispanic Chamber of Commerce (THCQ.

The announcement was made during a recent informal gathering hosted in Benson by Southeast Arizona Economic Development Group.

Existing small-and mid-sized companies that are unable to raise working capital or supply chain financing through traditional banking venues can now apply with The Credit Junction, a Tucson-based lending institution that has partnered with the THCC, in what is being hailed as a "landmark, revolutionary program." The loans are designed to help drive small business growth while expanding job creation in Arizona.

"The Credit Junction program offers bridge financing between $200,000 and $2million for established businesses," explained Joe Herrick of the THCC. "Terms are for up to three years at competitive interest rates."

Described as a "technology-enabled, online lending platform focused on providing working capital to small and mid-sized businesses," The Credit Junction employs an asset-based lending credit evaluation model that allows it to better assess the health of a small business. The company provides the resources small business owners need to grow, thereby supporting job creation and community development.

One of the problems Cochise County businesses experience is that several traditional lenders will not finance purchases of equipment or inventory that will cross into Mexico, Herrick explained. "In those situations The Credit Junction will consider the financing if the borrowing business is domiciled in Arizona," she said.

Cindy Batten, branch manager of National Bank of Arizona in Benson was one of the meeting's attendees. "We offer several loan options for our business customers and non-customers, but it's helpful to know that alternative financing options are available," she said.

For information about The Credit Junction program, contact Herrick of the Tucson Chamber of Commerce at (520) 404-8617. Applicants do not have to be a chamber member to apply.



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Original Publication Date: September 9, 2015



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