TUCSON, Ariz. — Tucson Federal Credit Union and a coalition of credit unions here are continuing their work with Local First Arizona to support locally owned businesses and expand entrepreneurs’ access to financing and financial education.
The coalition includes credit union leaders from the Tucson and Phoenix areas who began meeting about two years ago to develop a shared community strategy, according to Tucson Federal Credit Union.
Those discussions led to a coordinated effort to increase awareness of credit union financing and other resources available to Arizona small businesses.
“At Tucson Federal Credit Union, our partnership with Local First Arizona is a natural extension of the cooperative credit union philosophy,” TFCU President and CEO Matthew Gaspari said in a statement. “Collaboration is one of the single greatest strengths of our movement and we are inherently stronger together.”
Increasing Need to Collaborate
Gaspari said supporting local businesses has become an increasingly important part of TFCU’s work in Southern Arizona.
“As our credit union has grown, so too has our need to collaborate, our opportunity to serve as a powerful advocate, and our capacity to help Pima County thrive,” Gaspari said. “We know that a strong, vibrant small business environment leads directly to a healthy community for all of us.”
How Organization Came to Be
Local First Arizona was founded in 2003 by business owner Kimber Lanning and has grown into one of the country’s largest coalitions of locally owned businesses, according to TFCU. Its programs include small-business education and mentorship, access to capital and microloans, environmental initiatives, support for local food and agricultural systems, and campaigns encouraging consumers to do business with locally owned companies.
Programs supported by the credit union coalition include the Fuerza Local Business Accelerator for Spanish-preferred entrepreneurs, initiatives serving Black and Indigenous business owners, loan-readiness programs for rural and under-resourced entrepreneurs, and the Arizona Green Business Certification program.
“Small businesses are the heartbeat of our local economy, but too often entrepreneurs don’t know where to turn for the resources, education and capital they need to grow,” said Shaima Namazifard, TFCU’s vice president of business services.
Working Collectively
Namazifard said the collaboration is notable because participating credit unions are working collectively rather than competing for small-business relationships.
“When our local businesses succeed, they create jobs, reinvest in our communities and help build a stronger economy for all of us,” she said.
Namazifard has more than eight years of commercial lending experience and works with Southern Arizona businesses seeking financing, including loans through the Small Business Administration’s 7(a) and 504 programs, TFCU said.
Gaspari and Namazifard were also featured in an Aug. 24 podcast highlighting the coalition’s work.
Separate Initiative Underway
The effort comes as Local First Arizona and Arizona’s Credit Unions, part of the GoWest CU Association, separately pursue a statewide partnership focused on financial education, small-business assistance and access to financial services. That initiative includes a free Loan Readiness Boot Camp for entrepreneurs preparing to seek financing.
Local First Arizona estimates that just 7% of total deposits in the state are held by Arizona-owned banks and credit unions.
