Tucson is the second most populous city in Arizona with a population of 520,116 in 2016, and is the anchor of the Tucson metropolitan area, which had a 2010 population of 1,010,025. The city is located 108 miles (174 km) southeast of Phoenix and 60 mi (97 km) north of the U.S.-Mexico border. Tucson is the 33rd largest city and the 53rd largest metropolitan area in the United States.
The economy of Tucson is diverse and driven by several large industries. The city is a major center for the mining of copper, silver, and other minerals; it is also home to a number of manufacturing plants, including those that produce aircraft, missiles, optics, and other high-technology equipment. The service sector is also important to the city's economy, and Tucson is a major center for the medical and financial industries. The University of Arizona is a major economic engine in the city, as are the Davis-Monthan Air Force Base and the Port of Tucson. Tourism is also a significant industry in Tucson, with the city being a popular destination for winter visitors from all over the United States.
Small businesses are a vital part of the Tucson economy, accounting for over half of all private-sector jobs in the city. The city government is committed to supporting small businesses, and offers a number of programs and resources to help them start, grow, and thrive. Tucson is also home to a number of incubators and accelerators, which provide early-stage companies with the resources they need to succeed.
Comparing SBA loan types in Tucson
Three SBA programs come up most often for Tucson, Arizona businesses, and they do different jobs.
Small business loans available in Tucson
An SBA 7(a) loan made to a Tucson, Arizona business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Tucson
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.