By Alfonso Ramos, Loan Officer I, Accion New Mexico
![Metta Smith, Director of Lending and Client Relations, Accion Albuquerque location](https://financenewmexico.org/wp-content/uploads/2014/07/Metta-Smith.jpg)
Metta Smith, Director of Lending and Client Relations, Accion Albuquerque location
Small businesses in need of a quick, modest-sized loan often have little choice but to turn to high-cost, yet easy to access, alternative credit products. But New Mexico business borrowers have a new option.
Accion had long been looking for ways to speed up the process of making microloans to borrowers who don’t qualify for loans from traditional lenders and need a relatively small amount of money to take advantage of a time-sensitive business opportunity. Accion also wanted to help businesses respond quickly when faced with an urgent need.
Almost a year ago, the nonprofit lender began piloting quick-turnaround “Presto Loans” of $8,000 or less with interested applicants. The pilot project was a success — with 285 loans totaling $939,000 — and Accion has recently cemented its offering of Presto Loans, moving toward Continue reading