![\"Leslie](\"http:\/\/www.financenewmexico.org\/articles\/wp-content\/uploads\/2010\/07\/Leslie-Hoffman-ACCION-NM.jpg\" "\\"Leslie-Hoffman")
<\/a>Leslie Hoffman, V.P. of Lending and Client Service, ACCI\u00d3N New Mexico \u2219 Arizona \u2219 Colorado<\/p><\/div>\n
Emmy Award-winning documentary filmmaker Lena Carr needed money to buy filmmaking equipment and to travel to Arizona to wrap up work on a video about the life of an 18-year-old Native American man \u2014 a project she began when her subject was 6 years old.<\/p>\n
The owner of Indian Summer Films turned to ACCI\u00d3N New Mexico\u00a0\u2219 Arizona\u00a0\u2219 Colorado, a nonprofit lender, two years ago for her first loan of $500. ACCI\u00d3N approved the loan for several reasons, including the social benefits of Carr\u2019s chosen profession, which also provides her an income through DVD sales. As collateral for that loan, Carr offered a traditional Navajo dress woven by her mother \u2014 a sentimental possession that demonstrated her commitment to her business and her lender.<\/p>\n
Carr has returned to ACCI\u00d3N three more times for loans needed for working capital and to distribute her films.<\/p>\n
Nontraditional lenders are out there<\/strong><\/p>\n ACCI\u00d3N is one of several New Mexico-based nontraditional lenders that lend money at competitive rates to small-business people. Since its inception, the community development organization has helped 2,800 small businesses with loans as small as $200 and as large as $150,000.<\/p>\n Besides lending money, ACCI\u00d3N provides training and other support services to help people realize their ambitions and be catalysts for positive economic and social change.\u00a0The organization looks for character: hardworking\u00a0small-business owners and emerging entrepreneurs who share the organization’s values of passion, a pioneering spirit, integrity, commitment to excellence and a history of accountability. ACCI\u00d3N and\u00a0most lenders also require borrowers to meet basic criteria, including:<\/p>\n Cash flow:<\/strong> The lender evaluates the business\u2019s monthly income and expenses to determine whether the borrower can cover a monthly loan payment. The organization considers whether the loan will increase the business\u2019s income and often works with borrowers to make the most of their financial resources.<\/p>\n Credit history:<\/strong> A credit report provides insight into a potential borrower\u2019s previous relationships with creditors. The\u00a0lender reviews the most important elements of the credit report, including the credit score.<\/p>\n Collateral:<\/strong> A willingness to pledge items of value to secure a loan until it is repaid is an important indicator of client commitment.<\/p>\n An ACCI\u00d3N loan can be used for a variety of business purposes that promise to improve an individual\u2019s financial health. Loans can be used to buy or upgrade equipment, purchase inventory or property or for marketing. If the borrower doesn\u2019t meet ACCI\u00d3N\u2019s loan standards, the organization will work with him to improve his financial position.<\/p>\n Learn more about ACCI\u00d3N New Mexico\u00a0\u2219 Arizona\u00a0\u2219 Colorado<\/a><\/p>\n Article 146<\/p>\n Download 146_Character Matters When Looking for a Loan PDF<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Most lenders require borrowers to meet basic criteria, however, alternative lenders such as ACCI\u00d3N New Mexico \u2219 Arizona \u2219 Colorado, put a large emphasis on character. If a borrower doesn’t meet loan standards, these organizations will often provide assistance to improve the potential borrower’s financial position. Continue reading