Carlos and Juany Chico went to several national banks for a loan to expand their lakeside food stand to a brick-and-mortar restaurant location. Like most small and startup entrepreneurs, they were turned down because they didn’t fit the lending requirements of traditional banks. That’s when they turned to the nonprofit lender DreamSpring for a small loan to fund operating and inventory expenses at the new location.
Chico’s Tortas y Pinas Lokas, now known simply as Chico’s Mexican Food, now operates out of a former KFC Restaurant building on Historic Route 66 in Santa Rosa and serves patrons in nearby Tucumcari from a food truck. The business is thriving, thanks to the tight-knit family of 12 and other staff, along with several DreamSpring loans that have enabled the company’s growth.
“DreamSpring is a good option,” Carlos said for people who don’t meet the lending requirements of traditional banks.
The first DreamSpring loan to Chico’s Mexican Food was $4,000, an amount far lower than most banks’ minimum. Moreover, traditional loans can be hard to find in rural areas like New Mexico’s sparsely populated eastern edge, where Tucumcari boasts a population of just over 5,000 people. That’s where nonprofit lenders like DreamSpring step in with capital and support.
DreamSpring loans are tailor-made for the budgets and goals of small businesses. DreamSpring offers flexible and affordable options, including lines of credit and the SBA Community Advantage 7(a) loan that is backed by the U.S. Small Business Administration. DreamSpring’s Ready, Set, Grow! loan helps entrepreneurs who are ready to make their hobby or their side business their main priority.
DreamSpring is an award-winning nonprofit organization that increases access to credit, makes loans, and provides a community of support to help entrepreneurs realize their dreams. Since inception 30 years ago, DreamSpring has provided more than 50,000 loans to over 34,000 businesses. The loans, which total more than $580 million, have created or sustained at least 67,870 jobs in its service area.
Learn more about DreamSpring. Visit the Chico’s Mexican Food Facebook page to see what’s on the menu at its Tucumcari and Santa Rosa restaurants.