The Arizona Hispanic Chamber of Commerce is sharing data on its $200,000 Small Business Success Grants. The program was designed to help the most vulnerable businesses early in the pandemic.
An independent insurance agent-owner, a pool maintenance company and a video production firm are among more than 70 businesses that received grants early in the pandemic.
“Fifty-three of those businesses were family-owned and 37 of them were dependent on the business as the sole source of income,” said Hispanic Chamber President Monica Villalobos.
Businesses could receive up to $1,000 per week for six weeks. The grants were meant to provide a cushion as business owners applied for other grants and federal loans.
“Most businesses only have about two weeks in cash reserves or float as we call it, minority-owned businesses have even less,” Villalobos said during a presentation to the Maricopa Association of Governments Economic Development Committee.
In a YouTube video, recipient Alex Montoya said, “The relief these grants will provide will have a far reaching impact not only on the recipients but their landlords, suppliers and business partners.”
Villalobos said initial funding came from APS, Raza Development Fund and U.S. Bank.
Grantee Highlights
- Average seven years in business.
- Average seven to eight employees.
- 66 of 72 businesses remain open.
- 43% located in metro Phoenix.
- 2019 median annual revenue = $176,615.
