Financial institutions are actually playing nice together.
A group of credit unions from Tucson and Phoenix have joined forces to back Local First Arizona, and they’re not just writing checks and calling it community service. They’re going all-in on supporting the small businesses that actually make Arizona, well, Arizona.
Tucson Federal Credit Union (TFCU) just announced it’s doubling down on a coalition that started about two years ago, when credit union CEOs from across the state decided to stop operating in silos and start working together. Revolutionary concept, right?
What’s Local First Arizona, Anyway?
If you haven’t heard of Local First Arizona, here’s the quick version: It’s a nonprofit founded back in 2003 by entrepreneur Kimber Lanning, and it’s grown into one of the country’s biggest coalitions of locally owned businesses. Their whole deal is keeping money, jobs, and decision-making power right here in Arizona instead of shipping it off to some corporate headquarters in another state.
The organization runs programs covering everything from small business mentorship to micro-loans, green business certification to supporting local farms. They even run campaigns encouraging Arizonans to bank locally, which is probably why these credit unions are such natural partners.
More Than Just Talk
The coalition isn’t just about feel-good handshakes and photo ops. They’re backing some seriously impactful programs, including the Fuerza Local Business Accelerator for Spanish-speaking entrepreneurs, targeted support for Black and Indigenous business owners, loan-readiness bootcamps for rural entrepreneurs who might not have easy access to resources, and Arizona’s Green Business Certification program.
On August 24th, TFCU President and CEO Matthew Gaspari and Shaima Namazifard, the credit union’s VP of Business Services, sat down for a podcast episode about the coalition’s work. A Local First Arizona team member even made the trip to Tucson to film the session, and the participating credit unions are planning joint press materials and coordinated photography from the event.
Namazifard brings more than eight years of commercial lending experience to the table and regularly guides members through SBA 7(a) and 504 loan programs. She works directly with small business owners and entrepreneurs across Southern Arizona, which makes her pretty much the perfect person to talk about what these partnerships actually mean on the ground.
Why Credit Unions Are Different
“At Tucson Federal Credit Union, our partnership with Local First Arizona is a natural extension of the cooperative credit union philosophy,” Gaspari explained. “Collaboration is one of the single greatest strengths of our movement and we are inherently stronger together. By working collectively, credit unions prove every day that we can offer our communities access to world-class financial products and services without extracting exorbitant fees to pay back shareholders.”
He continued: “Supporting local businesses is a vital initiative in which TFCU has become a major contributor across 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. We know that a strong, vibrant small business environment leads directly to a healthy community for all of us.”
Translation? Credit unions don’t have shareholders demanding ever-increasing profits. They can actually focus on, you know, helping people.
Meeting Business Owners Where They Are
Namazifard put it even more directly: “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. Our partnership with Local First Arizona allows us to meet business owners where they are and connect them with opportunities that can make a meaningful difference.”
She highlighted what makes this coalition special: “What makes this collaboration especially powerful is that credit unions aren’t competing over who gets to strengthen our communities – we’re working together to expand access and create more opportunities for Arizona entrepreneurs. When our local businesses succeed, they create jobs, reinvest in our communities and help build a stronger economy for all of us.”
The Bigger Picture
This credit union coalition is part of a larger statewide effort. Local First Arizona and Arizona’s Credit Unions (the state’s credit union trade association) recently announced a separate partnership expanding financial education, small business support, and access to financial services. That includes a free Loan Readiness Boot Camp for entrepreneurs who are getting ready to seek financing.
Here’s a stat that might surprise you: Currently, only 7% of Arizona’s total deposits sit in Arizona-owned banks and credit unions, according to Local First Arizona. That means 93% of the money Arizonans deposit is flowing to out-of-state institutions. The coalition is working to change that.
TFCU and its partner credit unions plan to keep sharing updates on the coalition’s progress, including coverage from the August 24th podcast filming and additional joint materials they’re developing with Local First Arizona.
Sometimes the best business stories aren’t about disruption or competition. Sometimes they’re about institutions that actually remember they’re supposed to serve their communities, rolling up their sleeves and doing exactly that.