The TrueGrit Growth loan, offered by the nonprofit lender DreamSpring in partnership with Wells Fargo,* provides eligible business owners continuing to recover from the pandemic with up to $10,000 to rebuild the business and position it for long-term growth. The unsecured, low-interest, fixed-rate loan offers flexible terms that are hard to beat.
With a 24-month term, no application or closing costs, and an interest rate of 2.5% – 3%, the TrueGrit loan is the boost many small businesses still recovering from the pandemic need.
As an added bonus, New Mexico, Arizona, and Colorado businesses that are at least two years old, are 51 percent woman-owned, and take out a non-PPP loan under $50,000 from DreamSpring are automatically enrolled in DreamSpring’s Tory Burch Foundation program, which is offered in partnership with the Tory Burch Foundation and Bank of America. After 12 successful loan payments, borrowers receive a check for the interest paid — in essence, a rebate. They can also access Tory Burch Foundation resources and customized in-house technical assistance.
DreamSpring understands that small businesses are still struggling. Eighty percent of DreamSpring applicants have credit scores below 600.
DreamSpring is a New Mexico-based nonprofit community lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities. Founded in 1994, DreamSpring provides rapid access to capital and wrap-around support to vulnerable small business owners in 27 states, focusing on people of color, women, low- to moderate-income earners, people with disabilities, and start-ups.
In New Mexico alone, DreamSpring has issued more than 7,370 loans totaling $131.23 million, creating or preserving more than 13,000 local jobs, since 1994.
Learn more on the DreamSpring website.
*A generous grant from Wells Fargo supports the TrueGrit Growth loan program. Businesses apply to DreamSpring, which manages all facets of the loan program.