Strategies for Success: Financial Support to Suit Your Needs


The Sedona Chamber of Commerce worked with local partners to share valuable information and resources to help your business find the right financial support for your business. The workshop, Strategies for Success: Financial Support to Suit Your Needs, was sponsored by APS and held at the Sedona Center Yavapai campus. The Sedona Chamber is here to support your business through advocacy, exposure, connections, and workshops like the Strategies for Success series. To learn about partnership, fill out this online inquiry.


Mark Tufte, the President of the Sedona Pinnacle Bank branch, covered loans from the commercial perspective. He covered critical terminology of loans, and the pros and cons of different types of loans. It is up to the borrower to understand the contractual commitments because banks are businesses designed to make a profit. You can negotiate with your banker, and you should develop a strong relationship based on trust with your banker.


Banks are looking for information regarding your business and the 5 C’s: What is your capacity, your capital, your collateral, your character and the market conditions. He reviewed some funding options and terms. A revolving line of credit is a loan for a maximum of one year. They have variable rates and can get you into trouble if you borrow more than you can pay off in a year. Just because you have enough credit to borrow a large amount of funds, does not mean the revolving line of credit is a good option. Think of this option like a credit card, you want to be able to pay it off quickly. They require “rest provisions” where you need to have a zero balance at some time. It is critical to know your “release provisions,” how to get out of your loan, and “loan covenants,” which are terms that require a borrower to perform certain tasks. You will want to understand pre-payment penalty and rate adjustments. Mark Tufte review other business loan options. The SBA 504 loan is one Mark feels is a good option for fixed asset investments. It has a fixed interest rate and there is a range for down payments from 10 – 15%. The SBA 7A loan is a variable rate product that will allow you to get working capital. The USDA B&I (Business and Industry) loan is 80% guaranteed by the government. The USDA Farm loan is a direct loan from the government to the farmer and is a 40-year loan with great terms. The last one discussed was the USDA Nonprofit loan. This is also a 40-year loan with land/property as collateral. It does not have a guarantee and is also  a direct transaction between the nonprofit and the government. Mark encourages new and existing businesses to seek business counseling from the SBDC. Knowing your options, loan terms and conditions will help you make the best decision. Mark Tufte can be reached at or 928.239.7981.


Mary Chicoine, the Executive Director of Verde Valley Regional Economic Organization, discussed the VVREO loan options and the Moonshot Pioneer Pitch, “Shark Tank” inspired event opportunity. The VVREO loans are an option for people who do not qualify for standard loans. VVREO offers a 5-year loan starting at $25,000 with a 6% interest rate. The terms are consistent and VVREO is easy to work with. To date, they have loaned over one million dollars to area businesses. Mary also shared the two-day event, “Shark Tank” inspired entrepreneurial business pitch contest. It is in the Fall and open to anyone doing or wanting to do business in the Verde Valley. It is $35 to participate and includes workshops will greatly enhance the potential of becoming a finalist in the contest and are highly recommended for your business planning success. Going through the Moonshot process is an education and you could win cash awards, and in-kind products such as: scholarships, business cards, photography, website assistance and security, and much more. If you have questions, reach out to Mary Chicoine, VVREO Executive Director at 928.300.1640 or


Ruth Ellen Elinski is the Program Director for the Yavapai College, Small Business Development Center. They are federally funded and offer No Cost business counseling. Here is a short list of ways they can help your business: writing a business plan, a financial review, marketing support, government contracts, international trade, buying or selling a business, industry data, identifying capital, SBA loan assistance, procurement, business certifications and more. Ruth Ellen Elinski can be reached at or 928.649.4580.


Irvin Wayne Brewer is also a source for business counseling through SCORE, Service Corps of Retired Executives. They provide free, confidential business mentoring. Whether you have a for profit or nonprofit business, they can help you develop and grow your business. Reach out to Irvin Wayne Brewer at or 317.374.3819.