Farnsworth Development, a builder of active adult retirement communities, and the company’s sales and development arm, Springs Realty, have been intertwined with the Mesa community for decades.
President and CEO Craig Ahlstrom was involved with a variety of local organizations for decades, including United Way, YMCA, Mesa Chamber of Commerce, various City of Mesa committees and boards, and Central Arizona Homebuilder’s Association. After investing so much in the city for so long, his company needed help in return — and Gateway Bank was there to provide support.
Mesa’s bustling real estate industry has been impacted by the coronavirus pandemic, trickling down to business challenges for Springs Realty. When Congress passed the Paycheck Protection Program (PPP) in spring 2020, the company jumped at the chance for financial assistance.
In early June 2020, the Small Business Administration’s Paycheck Protection Program (PPP) Flexibility Act was signed into law. The PPP program was created to provide much-needed relief to small businesses who want to keep their workers on payroll as the companies work through the economic difficulties caused by COVID-19.
Like many of you, our team has been deeply saddened by the loss of George Floyd, Ahmaud Arbery, Breonna Taylor, Rayshard Brooks, Phoenix’s own Dion Johnson, and countless other Black lives that have been taken. While these incidents brought racism to the public’s attention, it has been a problem for far too long. Our country is at a turning point, and we want to be part of making it a better, safer place for everyone.
At Gateway, we’re channeling our emotions into action. We understand the unfortunate disparity in access to capital between Black- and White-owned businesses. The 2020 Federal Reserve Small Business Credit Survey noted that non-Hispanic Black owners are half as likely to have obtained bank funds as non-Hispanic White owners (23% vs. 46%, respectively).
Gateway’s inclusive, tenured team has deep experience and is always willing to listen, learn, and consult with minority-owned businesses to help them access capital. If you or someone you know could use this support, please have them contact us. We’re here to serve the community.
While this is a start, confronting racism is more than one donation, newsletter, or social media post. It’s ongoing work, and we’re committed to doing it. We will continue to employ a diverse team and stand up for what’s right. We want to be part of the solution, starting in our own backyard.
There comes a time when every business needs an infusion of cash. Whether your company is growing and business is booming, or some unexpected challenges have hit and you need an assist, a business loan can be a smart way to keep moving forward. Read more