Angelina Romo believes small businesses in the central region of New Mexico are standing on their own again after the devastating effects of the pandemic. She should know. Romo is a loan officer with The Loan Fund, a nonprofit lender that offers loans and technical assistance to businesses and nonprofit organizations throughout the state. Romo serves the Community Development Financial Institution’s (CDFI’s) central region encompassing Albuquerque and surrounding areas.
“Many small businesses did a tremendous job learning to pivot with COVID limitations,” she said, citing clients who switched to selling sterilization items and protective gear or utilizing delivery services when they were unable to work directly with their customers.
Three years on, Romo sees businesses expanding their networks to achieve growth.
“Some of my independent trucking clients have even taken subcontracts with large corporations to ensure they continue to prosper,” she said. “Covid separated everyone for so long, but businesses have now banded together to continue growth and to survive.”
Amid the difficulties wrought by the pandemic, Romo witnessed the resourcefulness of many business owners during the three years she has worked at The Loan Fund, which offers technical assistance in addition to financing. Romo’s undergraduate degree in Agriculture Economics and Business, combined with an MBA earned at New Mexico State University, qualifies her to dig deeply into her clients’ challenges to help find solutions.
Romo feels it is important for business owners, especially first-time entrepreneurs, to understand their financial reports whether or not they are looking for a loan. “Financial literacy can be daunting,” she said, “but there are so many resources, many that are free, available to help educate and assist.”
And when owners are ready for a loan, Romo or one of her two colleagues are typically able to help with financing and technical assistance. “Our ability to spend one-on-one time with applicants, getting to know them and understand how they operate their business, is a blessing and allows us to develop our community and better support clients and small businesses through technical assistance,” said Romo.
The Loan Fund offers a range of loan options tailored to the unique needs of small businesses and nonprofit organizations. Financing can be used for startup, equipment, working capital, owner-occupied commercial property, and expansion. While The Loan Fund does not have a specific FICO score requirement, it considers the credit history of a business or owner. “Many businesses we work with work in cash and don’t have the type of credit history that traditional banks look for when lending,” said Romo.
The Loan Fund has funded more than 2,100 loans and supported the creation or retention of nearly 12,000 jobs since its founding in 1989. Loans range from $5,000 to $1 million, with an average loan size of $110,000.
To learn more visit The Loan Fund website.