Topic: Commercial Business

Loan Requirements

  • Enrolled GRIC member
  • At least 18 years of age
  • If operating within GRIC, a GRIC business license is required prior to receiving the loan
  • A minimum level or years of business management or operational experience (depending on industry, generally a minimum of 3-5 years)
  • If the business owner has or is planning on hiring employees, the business must have or be in the process of obtaining an Employer Identification Number (EIN).
  • In the case of partnerships, corporations, limited partnerships, limited liability companies, the enrolled member(s) must own at least 51% of the business entity and be the President, Chief Operating Officer, General Partner or Manager.
  • Satisfied prior loans with GRIC/cannot be in default under any loan from the Community or PLFC
  • A family living in the same household is not eligible for more than one PLFC business loan at any one time. All persons living in the same household will be considered a “family”.

Loan Recipient’s Responsibilities

In the majority of cases, PLFC will disburse the loan proceeds directly to third party vendors for the benefit of the loan recipient. Loan recipients are required to produce invoices and/or receipts and show items purchased with the loan proceeds to PLFC staff. PLFC staff have the ongoing right to request, examine and receive financial records of the borrower(s) at its discretion.


Checklist – What you will need

  • Business Plan (including financial information: current and historical or projected balance sheet, income statement, cash flow statements and income verification if needed). In addition to financial forecasting including repayment capacity, please include comparative industry data when appropriate.
  • Copy of GRIC Identification
  • Copy of GRIC Business License
  • Business and/or personal tax returns for the previous three (3) years (if applicable)
  • Insurance documents (if applicable)
  • Credit Report Authorization/Credit Report form
  • Background Check Release form
  • Copy of Organizational documents (if an LLC or partnership)
  • List, documentation and valuation/appraisals of collateral being offered assecurity
  • Copies of legal documents and other relevant documentation supporting the loan application (including but not limited to proposes/actual leases, titles, etc.)

Additional documents and/or information may be requested.

Future required submissions may include audited/reviewed financialstatements, contracts and/or additional debt entered into subsequent to loan approval.


Business Resources

American Indian Chamber of Commerce of Arizona
http://www.aiccaz.org/
The focus of the American Indian Chamber of Commerce of Arizona (AICCAz) is to provide a format for American Indian entrepreneurs to promote their business, for corporations to connect with American Indian businesses, to act as a liaison on tribal economic development issues and to offer the best in resources, training and networking for the American Indian business. AICCAz offers our members the opportunity to exchange ideas and information with business owners throughout the state

National Center for American Indian Enterprise Development

NCAIED Home


The National Center is a non-profit organization, founded and directed by American Indians, committed to Business Development for Indian People. The National Center is the first national organization solely dedicated to developing American Indian economic self-sufficiency through business ownership.

Grants.gov
http://www.grants.gov/
Grants.gov is your source to FIND and APPLY for federal government grants. The U.S. Department of Health and Human Services is proud to be the managing partner for Grants.gov, an initiative that is having an unparalleled impact on the grant community.

Small Business Administration
http://www.sba.gov/services/index.html
SBA programs and services support you, the small business person. Learn about SBA-backed loans, government contracting opportunities, disaster assistance and training programs to help your business succeed.

Small Business Development Centers
http://maricopa-sbdc.com/
Provides assistance to anyone who owns, operates, or is starting a small business in Maricopa County. Our staff is knowledgeable business people whose goal is to help businesses to thrive here in Arizona. They have 8 centers around the county can provide you with no-cost and confidential business counseling to help you succeed in your business.

Central Arizona College Small Business Development Center (CAC SBDC)
http://www.centralaz.edu/home/business_outreach/small_business_development_center.htm
The CAC Small Business Development Center (SBDC) provides management and marketing counseling to Pinal County firms with less than 200 employees. All counseling assistance is provided at no cost to the client. Central Arizona College and the US Small Business Administration (SBA) jointly fund your Center. Their mission is to help the businesses of Pinal County to succeed. One-on- one confidential counseling is our primary method of assisting clients.

SCORE
http://scorephoenix.org/
Greater Phoenix SCORE provides free mentoring to small business owners and entrepreneurs, along with classes, seminars, and special events to benefit small businesses across the Valley. They have over 70 mentors, each with extensive business experience, ready to help you start up a business, grow your business, or work through difficult business management issues. We have experts in all functional areas and many different businesses. They are located near Thomas and Central in Phoenix as well as 25-plus locations all over the Phoenix metropolitan area.

FedBizOpps.gov
https://www.fbo.gov/
Welcome to FBO.gov, the US Government's one-stop virtual marketplace. Through this single point-of- entry, commercial vendors and government buyers are invited to post, search, monitor, and retrieve opportunities solicited by the entire Federal contracting community.

Native Learning Center
http://nativelearningcenter.com
The Native Learning Center (NLC) offers free Training and Technical Assistance to Native Americans and those working within Indian Country. Their training promotes the essentials of The Native American Housing Assistance and Self Determination Act of 1996 (NAHASDA) for Tribal members and their communities.

Kauffman Foundation of Entrepreneurship
http://www.entrepreneurship.org/
The Kauffman Foundation created Entrepreneurship.org as an online resource to help entrepreneurs grow great ideas. The site provides innovative educational tools and informative resources covering the latest issues and insights affecting entrepreneurs.

Bizcoach
http://www.bizcoach.org/
Bizcoach hopes to assist owners with solid business advice, to resolve problems, increase productivity and improve profitability.

Gaebler Ventures, Resources for Entrepreneurs
http://www.gaebler.com/
Provides over 100,000 unique resources for entrepreneurs on this site. All original articles with new small business articles posted daily. Over 30,000 entrepreneurs visit our site every single day!

U.S. Patent & Trademark Office (USPTO)
http://www.uspto.gov/
The USPTO is the federal agency for granting U.S. patents and registering trademarks. The USPTO registers trademarks based on the commerce clause of the Constitution (Article I, Section 8, Clause 3). Under this system of protection, American industry has flourished.

Entrepreneur Magazine
http://www.entrepreneur.com/
Entrepreneur has been the premier guide for entrepreneurship and business ownership for 33 years connecting through books, magazines, online and at events.

Inc.com Magazine
http://www.inc.com/
At Inc.com you can find everything you need to know to start and grow your business. Publisher of Inc. magazine, which for more than 30 years has been the premier print publication for entrepreneurs and business owners.

Bizplan (fee to create a business plan)
http://www.bizplan.com/
Bizplan helps companies get funded. They have built a platform dedicated to helping businesses write a plan and get the funding they need to launch, operate and grow.

Palo Alto Software (fee to create a business plan)
http://www.paloalto.com/
Since 1988, Palo Alto Software has grown to a respected provider of small business tools worldwide with the single goal of helping other small businesses grow and become successful. They offer several software products and an extensive library of free expert content to help small businesses succeed.


Loan Application

General Information Form

Ways to Organize Your Business

In choosing which type of business entity to use, the “best” structure depends on many factors: the ownership of the business, how money is raised, the type of the business, and tax ramifications to owners. To determine which form of business entity to choose, a person must thoroughly consider the advantages and disadvantages of each form as it relates to the facts and circumstances of the particular business.

TYPE OF ENTITY MAIN ADVANTAGES MAIN DRAWBACKS
Sole Proprietorship
  • Ease of formation
  • Low start-up costs
  • Greatest freedom from regulation
  • Owner in direct control
  • Minimal working capital
  • Tax advantages to small owners
  • All profits go to owner
  • Owner has unlimited liability for debts
  • Lack of continuity
  • Difficult to raise capital
  • Limited number of owners
Partnership
  • Ease of formation
  • Low start-up costs
  • Additional sources of venture capital
  • Broader management base
  • Possible tax advantages
  • Limited outside regulation
  • Owners have unlimited liability for debts
  • Lack of continuity
  • Divided authority
  • Difficulty in raising additional capital
  • Hard to find suitable partners
C Corporation
  • Limited liability
  • Specialized management
  • Ownership is transferable
  • Continuous existence
  • Own separate legal entity
  • Possible tax advantages
  • Easier to raise capital
  • More expensive to organize
  • Closely regulated
  • Charter restrictions
  • Extensive record keeping
  • Double taxation
S Corporation
  • Owners have limited personal liability for business debts
  • Possible tax advantages
  • Continuous existence
  • More expensive to organize
  • Ownership limited to 100 individuals
  • Cannot affiliate with other business entities
  • Only one class of stock
  • Extensive record keeping
  • Closely regulated
Limited Liability Company
  • No limitation on ownership
  • Owners have limited liability for debts
  • Possible tax advantages
  • Easier to raise capital
  • Continuous existence
  • More expensive to organize
  • Not recognized in all states
  • Extensive record keeping
  • Closely regulated