{"id":9405,"date":"2017-09-17T18:00:03","date_gmt":"2017-09-18T00:00:03","guid":{"rendered":"https:\/\/financenewmexico.org\/?p=9405"},"modified":"2017-09-15T16:53:25","modified_gmt":"2017-09-15T22:53:25","slug":"lanb-nurtures-path-for-small-businesses-to-thrive-through-the-loan-fund","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/articles\/obtaining-a-loan\/lanb-nurtures-path-for-small-businesses-to-thrive-through-the-loan-fund\/","title":{"rendered":"LANB Nurtures Path for Small Businesses to Thrive Through The Loan Fund"},"content":{"rendered":"

By Damon Scott for Finance New Mexico<\/em><\/p>\n

\"The<\/a>If you\u2019re a community bank still headquartered in New Mexico, there will naturally be businesses knocking at your door for financial advice and loans. But sometimes, due to a bank\u2019s own regulations and requirements, some businesses won\u2019t qualify for certain loans, and they must be turned away.<\/p>\n

Instead of giving up on the startups, nonprofits and small businesses that may fall outside of a bank\u2019s boundaries, institutions like Los Alamos National Bank (LANB) have found a way to keep them in New Mexico\u2019s financial ecosystem.<\/p>\n

LANB chief executive officer John S. Gulas said it only makes sense for the bank to help keep the overall economy as healthy as possible. For Gulas and LANB \u2014 the largest community bank in the state \u2014 one solution has been an ongoing partnership with The Loan Fund.\u00a0 The nonprofit community development financial institution works with businesses and nonprofits that don\u2019t qualify for a traditional loan.<\/p>\n

LANB recently made a $500,000, zero percent interest loan to the organization, up significantly from a previous $150,000 loan. It\u2019s a serious commitment in a relationship that has thrived since 2011. And it\u2019s one that effectively makes LANB the largest bank investor in The Loan Fund to date.<\/p>\n

\u201cOur increase was primarily based on [The Loan Fund\u2019s] history,\u201d Gulas said.<\/p>\n

The history Gulas is referencing is The Loan Fund\u2019s more than 25 years as a community lender that has provided over $72 million in loans throughout New Mexico to financially underserved businesses, entrepreneurs and nonprofits \u2014 often those who typically are unable to get financing through traditional lending sources.\u00a0 Those loans and lines of credit have helped create or preserve more than 8,800 jobs. The Loan Fund also offers consulting and training to its clients.<\/p>\n

The LANB relationship with The Loan Fund is not only based on history, said Gulas, but trust.<\/p>\n

\u201cIt is our hope that by supporting their mission, additional opportunities will be given to those who do not qualify for traditional loans,\u201d said Gulas.\u00a0 The relationship only helps to strengthen the state\u2019s economy by preserving and creating jobs, which in turn supports the state\u2019s banks and other institutions, Gulas said.<\/p>\n

After working with The Loan Fund, clients often return to explore options available from traditional banks such as LANB.<\/p>\n

The Loan Fund\u2019s clients are a diverse group. They include businesses in industries such as healthcare, education and construction. Restaurants, nonprofits, trucking companies, and others are among its clients.<\/p>\n

\u201c[The Loan Fund supports] over 30 minority and women-owned businesses and startups,\u201d said Gulas. \u201cIt\u2019s a broad breadth of organizations.\u201d<\/p>\n

Gulas added that LANB provides similar assistance to Homewise, the Santa Fe-based homeownership and financial counseling organization.<\/p>\n

\u201cWe have a long history of supporting charitable organizations \u2014 300 or more,\u201d said Gulas.<\/p>\n

LANB has six locations across the state. For more information, visit https:\/\/lanb.com<\/a>. To learn more about The Loan Fund, visit http:\/\/loanfund.org<\/a>.<\/p>\n

Download 520_LANB Nurtures Path for Small Businesses to Thrive Through The Loan Fund<\/a> PDF<\/p>\n","protected":false},"excerpt":{"rendered":"

By Damon Scott for Finance New Mexico If you\u2019re a community bank still headquartered in New Mexico, there will naturally be businesses knocking at your door for financial advice and loans. But sometimes, due to a bank\u2019s own regulations and … 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":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/9405"}],"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=9405"}],"version-history":[{"count":3,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/9405\/revisions"}],"predecessor-version":[{"id":9410,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/9405\/revisions\/9410"}],"wp:attachment":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/media?parent=9405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/categories?post=9405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/tags?post=9405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}