PHOENIX–Thanks to an application submitted by Canyon State Credit Union to the Federal Home Loan Bank (FHLB) of San Francisco, Hustle Phoenix was awarded a $40,000 grant to provide prospective entrepreneurs classroom training followed by several months of business advising from a network of volunteer professional advisors.
The funds are made available under FHL Bank's AHEAD (Access to Housing and Economic Assistance for Development) Program, which awards grants through member banks to community groups. The grants support a variety of targeted economic development projects, including those that create or preserve jobs and benefit low- and moderate-income communities.
The focus of the AHEAD program is to support innovative economic development and job training or job creation initiatives that benefit low-and moderate-income communities and have the potential to help narrow the wealth gap. The program is also a way to strengthen relationships between Bank members and nonprofits with special expertise in economic and community development.
"Through our membership with the Federal Home Loan Bank of San Francisco and our partnership with these programs, we are able to sponsor requests from community agencies that allow them and us to provide guidance and self-sufficiency training for those in need." said Jane Dobbs, President/CEO Canyon State Credit Union. "It is our commitment, in partnership with these outstanding organizations, to assist the communities we serve."
Hustle Phoenix helps entrepreneurs create comprehensive business plans and seek microloans to start or expand the business from the sponsor and its business partners. Oye Waddell, Executive Director of Hustle PHX, stated "We are thrilled to receive this FFHLB grant through our community sponsor, Canyon State Credit Union. This grant will help the sponsor and recruit additional professional business advisors and to develop additional funding resources to create sustainable businesses that benefit the broader community."