A nonprofit organization that increases access to business credit, makes loans and provides training that enables New Mexico-based entrepreneurs…to realize their dreams. Since 1994, Albuquerque-based DreamSpring has provided almost half a billion dollars in loans to entrepreneurs from almost 29,000 businesses across 27 states. Average loan size is $13,000.
The small businesses funded by the organization have created or sustained an estimated 72,000 jobs. Some 90 percent of these entrepreneurs represent an underserved population.
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Type of Businesses Served
- DreamSpring provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups.
- Wide variety of businesses, from restaurants and artisans to manufacturers and mechanics
- Loans for nonprofits
Stage of Businesses Served
- Start-ups
- Established businesses (Defined as operational for at least 6 months)
Funding Style
Funding Range
- Loans from $200 to $2,000,000
Online Loan Application
Start an online application here
Applicant Requirements
- Strong commitment to managing the credit provided
- Strong commitment to the business and its development
- For loans $35,000+, business plan, three years of personal or business tax returns
- With strong FICO scores, loans up to $40,000 can be unsecured
Resources Provided
- Financial literacy training
- Credit review for applications
- Technical assistance referrals
- Mentorship opportunities for clients
Contact
www.dreamspring.org or 1-888-265-5676
Learn more about DreamSpring from these articles:
DreamSpring Helps Salsa Manufacturer Meet Increased Demand During Pandemic
Small Size No Deterrent for Nonprofit Lender DreamSpring
A Few Loan Examples:
- TrueGrit Growth Loan – Recovery loan up to $10,000 with 2.5% to 3% interest and 2-year term with potential for interest-only payments during first 6 months.
- Power Line of Credit – Fixed-rate 24-month revolving line of credit up to $50,000. No collateral needed, although collateral can be applied for a potential interest rate discount.
- Fast Forward Project Loan – Short term (1-2 months) zero percent loan up to $10,000 for project-based contractors.
- Small Business Loan – Loan options based on the needs of the entrepreneur or established small business. Loans up to $250,000 for 2-6 years.
- SBA Community Advantage Loan – For new and existing businesses that would otherwise be ineligible for a loan. Collateral required; 5-10 year terms; loans of $50k-$250k
- Real Estate Loan – $50k to $2m for owner-occupied commercial real estate
Contact DreamSpring to learn more.