PHOENIX (Dec. 17, 2012) -- Restaurants and retail stores in Phoenix Sky Harbor International Airport Terminal 4, working with HMSHost, now have access to capital through a unique loan program for tenant improvements, furniture, fixtures and equipment.
The Phoenix Community Development and Investment Corporation (PCDIC), Mutual of Omaha Bank and HMSHost announced today they have approved a $4 million loan program to assist concessionaires qualifying as Small Business Enterprises (SBEs) and Disadvantage Business Enterprises (DBEs) doing business with HMSHost at Sky Harbor's Terminal 4.
“Phoenix is a destination for travelers, and we see this as a great opportunity to partner with a solid company in HMSHost, provide favorable loan terms to SBEs/DBEs, and create additional jobs in Phoenix,” said Kevin Halloran, Arizona state president, Mutual of Omaha Bank. “We are proud to be a part of this unique partnership.”
As part of the loan agreement, PCDIC will fund up to $2 million of the business loan program with Mutual of Omaha Bank funding the remaining $2 million. HMSHost will use the loan program to provide favorable loan terms to the businesses for various financing needs with the end result of creating jobs.
“PCDIC and our Board are pleased to be working with HMSHost and partner Mutual of Omaha Bank by providing below-market rate commercial real estate loans to small businesses that create economic opportunities and jobs for under-served communities in Phoenix,” said Jerome Miller, chairman, PCDIC and deputy city manager, city of Phoenix.
"This creative public-private partnership is an excellent example of how PCDIC can assist local businesses seeking to create jobs. PCDIC continues to seek such partnerships to help commercial and non-profit businesses that serve our Phoenix community," said George Dean, president and CEO, Greater Phoenix Urban League, and board member, PCDIC.
HMSHost, a world leader in creating dining for travel venues, has operated in Terminal 4 since its opening in 1990, along with its SBE/DBE subtenants, was recently awarded a new contract, expiring in August of 2023.
For more information about the PCDIC, contact Roberto E. Franco, president and CEO, PCDIC at firstname.lastname@example.org or 602-495-5247. For more information about the Mutual of Omaha Bank, visit mutualofomahabank.com or contact Andy Halperin at 402-351-2903. For more information about the HMSHost DBE program, contact Mary Magewick, vice president and chief financial officer, PCDIC at email@example.com or 602-534-2236.
About PhoenixCommunity Development and Investment Corporation
Phoenix Community Development Investment Corporation (PCDIC) provides competitively priced commercial real estate loans to encourage private sector investment in qualified low-income communities in Phoenix. Using the $263 million New Markets Tax Credit (NMTC) allocation award, PCDIC has attracted more than $350 million in additional private investment, created 9,967 new jobs and retained 3,512 jobs in Phoenix, Ariz. Currently, PCDIC has approximately $53 million of NMTCfinancing available for commercial real estate projects in the NMTCcensus tracts. For more information,
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With expert banking talent and more than $6 billion in assets, Mutual of Omaha Bank is one of the highest performing banks in the nation. It is a subsidiary of Mutual of Omaha, a leading insurance and financial services company since 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com.