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November 12, 2022

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Prestamos CDFI to support 700 disadvantaged small businesses with training, technical assistance

PHOENIX — Prestamos CDFI, a division of Chicanos Por La Causa (CPLC), is excited to be the recipient, for a third year in a row, of the U.S. Small Business Administration (SBA) Program for Investment in Micro-Entrepreneurs (PRIME). Through this grant, Prestamos CDFI will be able to support 700 disadvantaged small businesses by providing training and technical assistance, including webinars, workshops, partner trainings and in-person training sessions in the following states/areas: Arizona, Colorado, Southern California, New Mexico, Nevada and Texas.

The SBA program has a one-year period, and through a network of a diverse group of partners will help strengthen economically disadvantaged businesses. Prestamos CDFI is working with Local First’s Fuerza Local (Rural Program), Grand Canyon University and others that service entrepreneurs in rural areas, indigenous communities and Spanish-speaking small business owners.  

“Our SBA PRIME grants provide critical support for nonprofit organizations that are delivering needed technical assistance and training to America’s small businesses so they can continue to power our nation’s strong economic recovery and transition to strong, stable growth," said SBA Administrator Isabella Casillas Guzman. “This year, the SBA focused our PRIME grant selection process on our nonprofit partners who can best bring federal resources to life, especially in the regions and communities where they are needed most. I look forward to working with these organizations as they help us connect America’s entrepreneurs with the capital they need to start, grow and build resilient businesses."  

“The SBA PRIME grant has been crucial support allowing us to reach highly underserved communities over the last two years,” said Jose Martinez, President of Prestamos CDFI and Executive Vice President of Economic Development at Chicanos Por La Causa. “Capital access and business resources continue to be a challenge for entrepreneurs of color and rural microbusinesses, and we commend The SBA for their continued investment into these communities. We are proud to partner and be part of the solution.”

For more information on SBA PRIME and to apply please visit PrestamosLoans.org/sba-prime-program or call 602.805.1692.

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Prestamos, a division of Chicanos Por La Causa (CPLC), is a Community Development Financial Institution (CDFI) and Community Development Entity that has provided small businesses loans and high-quality technical support services to business owners in underserved and emerging communities since 1980. Prestamos CDFI now offers loan products, business consulting services, and investment opportunities in Arizona, California, Nevada, New Mexico, and Texas. 

In 2021, Prestamos CDFI was named the #1 U.S. Small Business Administration PPP lender by the number of loans and the #3 lender by dollar volume with $7.6 billion in approved loans with an average loan amount of $15,526 serving 78% minority-owned businesses. For more information, please visit PrestamosLoans.org.

Chicanos Por La Causa, Inc. (CPLC) is a community development corporation that provides services in Arizona, California, Nevada, New Mexico, and Texas. Since 1969, CPLC has been changing lives by developing self-sufficiency and instilling empowerment in those we serve. Our focus areas are advocacy, economic development, education, health & human services, and housing. CPLC provides a better life by offering business and employment opportunities; ensuring everyone has a solid foundation of education; providing hope through a pathway of recovery, restoration, and resiliency; and ensuring that a safe, secure, affordable home is available to every individual we serve. Today, we have more than 30 programs & services, approximately 2,000 employees, and 160 offices, making CPLC one of the largest community development corporations in the nation. For more information, please visit CPLC.org.