New Owner Expands with SBA Loans

Emad Elmaoued never thought he would be running a business providing disability services and support to the developmentally impaired community of New Mexico. He is now doing it with the help of SBA loans.

An alumnus of the University of New Mexico (UNM), Elmaoued earned a bachelor’s degree in biology and chemistry and became a teaching assistant at UNM. From 2010-2021, he owned Gigateks, a company that maintains and administers computer networks and related computing environments, including computer hardware, system software, applications software, and all configurations. When the opportunity arose to purchase ADID Care, Elmaoued was struck by its mission, and he acquired the business in 2017 with an SBA 7(a) loan.

ADID Care provides a variety of services to the developmentally impaired community of New Mexico. Supported Living, Family Living, Community Support, In-Home Support, Non-medical Transport, and Adult Nursing provided by ADID Care assist people with intellectual and developmental disabilities.

The company aims to empower individuals with special needs, advocating for inclusivity and independence through services and support in their homes or communities rather than in institutional settings. ADID Care operates 12 single-family residences with nursing staff assistance.

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SBA Loans Offer Low Interest Rates

Popular pies from L’il Willie’s Shenanigans, the Red River ice cream and sweets shop owned by Kelley and Steve Cherry.

Kelley and Steve Cherry were so pleased with the experience of securing a loan to buy one commercial building in Red River that they want to buy another building the same way.

The couple worked with Century Bank to obtain a U.S. Small Business Administration 504 loan to purchase the building they previously leased for their 3-year-old ice cream and sweets shop, L’il Willie’s Shenanigans. They hope to use the same strategy to buy the building from which they’ve operated Shotgun Willie’s Café for the past decade.

The appeal of 504 loans is that interest rates are fixed at a significantly lower rate than traditional banks offer for commercial real estate loans, and borrowers get lots of help from lenders and the certified development companies that evaluate 504 loan packages for the SBA. The nonprofit Enchantment Land Certified Development Company played that role for the Cherrys.

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