{"id":8462,"date":"2016-03-13T18:00:10","date_gmt":"2016-03-14T00:00:10","guid":{"rendered":"http:\/\/financenewmexico.org\/?p=8462"},"modified":"2016-03-07T11:24:42","modified_gmt":"2016-03-07T18:24:42","slug":"loans-help-atrisco-continue-educational-cultural-mission","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/articles\/obtaining-a-loan\/loans-help-atrisco-continue-educational-cultural-mission\/","title":{"rendered":"Loans Help Atrisco Continue Educational, Cultural Mission"},"content":{"rendered":"
\"By<\/a>

By Cathy Sorenson, Loan Officer for The Loan Fund<\/p><\/div>\n

When the Atrisco Heritage Foundation lost a significant annual contribution to its Legacy Fund in the 2008 recession, CEO Peter Sanchez was thankful his foundation had an existing relationship with the state\u2019s oldest and largest nonprofit community lending organization.<\/p>\n

\u201cWe had started to forge a business relationship with The Loan Fund,\u201d he said, \u201cso they got a chance to know us not in distress but in a building mode.\u201d<\/p>\n

That connection was critical when SunCal, a major real-estate developer, defaulted on the loan it secured with Barclays bank to purchase 57,000 acres of land from Atrisco\u2019s earlier incarnation, Westland Development Company. The deal included SunCal\u2019s pledge to pay the foundation $1 million a year for 100 years.<\/p>\n

\"Peter<\/a>

Peter Sanchez<\/p><\/div>\n

Atrisco suddenly found itself without the money it was counting on to maintain deep cultural links to its namesake land on Albuquerque\u2019s West Side \u2014 an intact parcel granted in 1692 by Don Diego de Vargas to the first families that had settled there after Don Juan de O\u00f1ate\u2019s arrival a century earlier.<\/p>\n

Building Revenue Base<\/strong><\/p>\n

In partnership with The Loan Fund, Atrisco moved quickly to develop sustainable revenue-generating programs that would replace the funding it lost to support educational, cultural and community programs.<\/p>\n

\u201cThe line of credit we obtained before the recession was crucial, as The Loan Fund had a chance to see what we were doing,\u201d Sanchez said. \u201cThe financing grew because of the situation we were in. If I had needed to go to a bank in those days, I would have been in trouble.\u201d<\/p>\n

Beginning in August 2009, The Loan Fund extended a substantial line of credit to Atrisco so the foundation could acquire culturally relevant organizations and build them into profitable enterprises.<\/p>\n

\"Rio<\/a>

Rio Grande Educational Collaborative<\/p><\/div>\n

The foundation purchased the Rio Grande Educational Collaborative \u2014 a six-site before- and after-school program that was dependent on government contracts \u2014 and transformed it into a profitable business that offers educational support and services in 60 sites across the state. \u201cWe turned it into a multimillion-dollar entity in five years in the middle of a recession,\u201d Sanchez said.<\/p>\n

The foundation then acquired Mariachi Spectacular de Albuquerque, a 24-year-old mariachi education and performance group, and built it into one of the largest entities of its type in the U.S.\u00a0 The nonprofit is dedicated to teaching and increasing appreciation for traditional Mexican and Hispanic folk music.<\/p>\n

In June 2014, The Loan Fund provided financing to El Campo Santo Inc., another foundation enterprise, to purchase 7 acres of land next to one of Atrisco\u2019s three historic cemeteries. The goal was to expand the cemetery\u2019s capacity so it could serve the general public, not just the descendants of land-grant families.<\/p>\n

As it grew, Atrisco continued to renew its line of credit, allowing it to effectively manage cash flow. Today, Atrisco Heritage Foundation is financially strong, with multiple revenue streams from a diversified set of companies.<\/p>\n

A Friend in Need<\/strong><\/p>\n

By extending financing to Atrisco, Sanchez said, The Loan Fund did more than help one business: It helped land-grant heirs preserve their place in the rich cultural history of the Rio Grande Valley. \u201cAtrisco\u2019s social impact on our community is undeniable,\u201d said Sanchez.<\/p>\n

\u201cWe could not have grown as aggressively as we did during a recession if we didn\u2019t have financing to support it,\u201d Sanchez said. \u201cI attribute a lot of our success to having a partner that believed in us.\u201d<\/p>\n

For more information about The Loan Fund or to apply for financing, contact www.loanfund.org<\/a>.<\/p>\n

Download 441_Loans Help Atrisco Continue Educational Cultural Mission<\/a> PDF<\/p>\n","protected":false},"excerpt":{"rendered":"

When the Atrisco Heritage Foundation lost a significant annual contribution to its Legacy Fund in the 2008 recession, CEO Peter Sanchez was thankful his foundation had an existing relationship with the state\u2019s oldest and largest nonprofit community lending organization. \u201cWe … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,6,8],"tags":[],"_links":{"self":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/8462"}],"collection":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/comments?post=8462"}],"version-history":[{"count":6,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/8462\/revisions"}],"predecessor-version":[{"id":8466,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/8462\/revisions\/8466"}],"wp:attachment":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/media?parent=8462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/categories?post=8462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/tags?post=8462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}