Business owners looking for loans or lines of credit can face challenges that extend past financing needs. That’s why the nonprofit lender The Loan Fund offers business technical services to small businesses, entrepreneurs, and nonprofit organizations that need help with financial and other planning. Prospective borrowers can get assistance with developing their business plan, organization, and financial forecasts. Once they become borrowers, The Loan Fund clients can expect ongoing advice regarding marketing, cash flow, and other operational challenges.
Matilda Scheurer purchased Teresa’s Tamales in January of 2021, and she did it with help from The Loan Fund, a nonprofit Community Development Financial Institution (CDFI). In addition to obtaining a loan to purchase the long-time Cleveland, New Mexico restaurant, Scheurer got access to a technical advisor she can call when she needs business advice, feedback, or an answer to a question.
Scheurer said she was attracted to The Loan Fund because “they make loans that don’t necessarily fit a structure.” The add-on support has also been welcome.
Support starts well before a loan, with business planning assistance offered. Unlike online lenders, The Loan Fund can also help prospective buyers with their loan application.
Amy Black started her relationship with The Loan Fund before opening her business, The Supper Truck. “Working with The Loan Fund helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan,” she said. “In the year and a half that The Supper Truck has been open, I’ve remained in ongoing contact with The Loan Fund loan officer and business counselor for advice for my business, which has been immensely helpful in finding profitability and success.”
The Loan Fund offers no-cost, personalized one-on-one business consulting and training services that address the specific needs that prospective and current borrowers might have. The goals of these services are to help potential borrowers become “loan-ready” so that they are better equipped to receive and use financing. Technical assistance continues throughout the life of the loan to help borrowers address the challenges they may face in growing and maintaining their businesses.
Prospective borrowers can expect help, when needed, with:
- Application preparation
- Developing business plans
- Financial planning and analysis
- Strategic Planning
- Organizational development
Ongoing support includes advice regarding:
- Marketing, planning, and promotion
- Financial management and analysis
- Record keeping and accounting systems
- Legal and tax referrals (we do not provide in-house tax advice or legal opinions)
- Website analysis
The Loan Fund is an award-winning nonprofit organization that specializes in offering solutions for clients who may not be able to secure financing from banks or credit unions. Founded in 1989 to help alleviate poverty by creating and preserving job opportunities throughout New Mexico, it has loaned $108 million collectively through 2,266 loans to businesses that have created or retained 11,500 jobs throughout the state.
Learn more about The Loan Fund, and find the small-business loans it offers.