Groundswell Capital Awarded a $5,000 Grant from OneAZ Credit Union and the OneAZ Community Foundation to Support AVANZA Program
August 27, 2024 – Tucson, AZ – Groundswell Capital, Arizona’s first green bank and nonprofit financial institution, is thrilled to announce a $5,000 grant from OneAZ Credit Union and the OneAZ Community Foundation to support the AVANZA Empowerment Fund program. This funding will enhance AVANZA's mission to address the critical need for access to capital among underbanked and underserved communities in Tucson.
OneAZ awarded this grant as part of its annual Community Impact Grant program, which supports initiatives that align with its pillars of Economic Empowerment & Entrepreneurship, Community Vitality, and Developing Future Leaders. Groundswell Capital's AVANZA program was selected for its innovative approach to breaking down barriers for small business owners with relationship-based lending and its commitment to fostering economic growth and sustainability through hands-on post-loan support.
The Groundswell Capital team with OneAZ Regional Manager, Vanessa Gonzalez
The Avanza Empowerment Fund Supports Women, Veteran, and Minority-Owned Small Businesses
AVANZA is designed to empower women, veteran, and minority small business owners, particularly within Arizona's monolingual Spanish-speaking communities. Underrepresented entrepreneurs can encounter barriers that limit access to traditional banking products and lead to a reliance on predatory loans. By offering low-barrier loans, formal business coaching, and financial education, AVANZA empowers experienced business owners to grow their businesses, create jobs, and contribute to the local economy.
The program provides a comprehensive blend of selection and training criteria, utilizing innovative methodologies to identify growth-minded entrepreneurs. Participants in the AVANZA program benefit from character interviews, site visits, and the AVANZA Academy—a cohort-based educational strategy that prepares businesses to navigate the loan application process. This unique approach ensures that AVANZA clients receive the formal support needed to operate thriving businesses in Tucson.
With the OneAZ award, Groundswell Capital will expand AVANZA's impact, offering over 30 hours of technical assistance and education to each participant. AVANZA post-loan support includes strategic planning, executive coaching, business owner roundtables, and ongoing mentorship to build resilience and success.
Francisco and Glenda Leon, owners of Leon Handyman Services, attend Cìrculo, an executive workshop series for Avazna program participants
Removing Systemic Barriers within Economic Development
"AVANZA plays an important role in Tucson’s economic development by removing systemic barriers," said Dre Thompson, President of Groundswell Capital. "This grant from OneAZ strengthens our commitment to supporting Tucson's small businesses and helping them thrive."
Groundswell Capital, an affiliate of the Tucson Industrial Development Authority (Tucson IDA), has a long-standing history of investing in Tucson's economic prosperity through innovative financial solutions. The organization has deployed over $11 million in small business loans, aligning with its mission to drive transformative change in communities..
For more information about Groundswell Capital and the AVANZA program, please visit www.groundswellcapital.org or contact nic@tucsonida.org
About OneAZ Credit Union:
Serving Arizona since 1951, OneAZ Credit Union is a financial powerhouse managing over $3.4 billion in assets and serving over 185,000 member-owners and 11,000 business owners across 20 branches statewide. We are committed to inspiring dreams and driving prosperity and community growth through innovative and high-quality personal and business banking solutions. At OneAZ, it’s all about banking for the people, not for profit. Discover more at OneAZcu.com. Insured by NCUA. Join us in driving prosperity and building a brighter tomorrow for Arizona.
About Groundswell Capital:
Groundswell Capital is a 501(c)3 nonprofit financial institution serving Arizona's small businesses and communities. Launched by the Industrial Development Authority of the City of Tucson (Tucson IDA), Groundswell Capital is committed to promoting equity, sustainability, and innovation. With over $11 million deployed in small business loans, the organization empowers communities through pioneering financial solutions that foster economic growth, poverty reduction, and workforce stability.
About Tucson IDA:
The Tucson Industrial Development Authority was established in 1979 to invest in the economic prosperity of Tucson through innovative financial solutions. Since its inception, Tucson IDA has deployed over $400 million in economic development revenue bonds and over $1 billion in affordable mortgages, including $10 million in down payment assistance.
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