Clearinghouse CDFI is a direct lender financing projects that…
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Gallup Bakery Thriving
A book changed Jacqueline Ahasteen’s life. As a teenager, she stumbled across a culinary arts encyclopedia that had belonged to her father, and she was captivated by words and images so vivid that she could almost taste the wonders they described. Smitten with what was tucked in the pages of that tome, Jacqueline began experimenting with baking tarts, cupcakes and doughnuts, all from scratch. She was in the kitchen, and she was in heaven.
When she grew up, however, she put that passion aside in favor of a steady paycheck and a job in IT. That lasted until 2016, when Jacqueline posed to her husband the idea of opening a bakery. They secured a location, signed a lease, and began renovations with his enthusiastic support. The couple opened the doors of I Knead Sugar, their sweet treat bakery in Gallup, New Mexico, in May 2017.
Although fed by a dream, business ownership is about reality, and I Knead Sugar nearly closed before it even opened. After spending hard-earned personal resources on renovations and build-out, Jacqueline realized they didn’t have enough money for the ingredients that would make the bakery thrive.
DreamSpring Receives More Money to Lend
The nonprofit lender DreamSpring has been awarded almost $5 million in Equitable Recovery Program grant funds from the U.S. Treasury to support small-business lending. The U.S. Treasury grant program is aimed at strengthening the ability of Community Development Financial Institutions (CDFIs) like DreamSpring to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.
Continue readingSpanish is Natural for this Small Business Advisor
Spanish has historically been the language of choice for many multi-generational New Mexico families. And with Latin American immigration contributing to the number of small-business startups in New Mexico, it’s no surprise that many entrepreneurs can benefit from resources and assistance delivered in their first and natural language.
Enter Juan Albert, a Technical Assistance Advisor for the nonprofit lender The Loan Fund. Born in Cuba to a family from Spain, Albert uses his Spanish language skills to help deliver loans and lines of credit to small businesses and nonprofit organizations in the southern part of New Mexico. And then he offers technical support – in Spanish or English – to ensure those businesses thrive.
Albert’s 40-year career has taken him to 35 countries throughout Latin America, Europe, and Asia. After a stint at the U.S. Government Accountability Office in Washington DC, Albert was transferred to Panama to manage projects and personnel throughout Latin America. He later joined the firm PriceWaterhouseCoopers as a manager serving in Honduras with responsibilities overseeing projects and staff in five Central American countries. During his 10 years in Latin America, Albert worked primarily on programs related to economic and development assistance.
Continue readingLenders Tailor Credit to Specific Needs
One loan isn’t the same as another when borrowing money to build or sustain a business. Lenders act as matchmakers, fitting business owners with the type of credit they need for specific business needs.
Most traditional and nonprofit lenders offer a menu of loan options tailored to an entrepreneur’s individual circumstances — his or her credit history, cash flow, collateral, capacity, and capital. The loans can be conventional, or they can be guaranteed with backing from the U.S. Small Business Administration if the business would otherwise have a hard time qualifying for a conventional loan and the owner needs more flexible loan terms, such as a longer repayment schedule and less stringent collateral requirements. When a bank is unable to lend to a business, loan officers typically refer the business to a nonprofit lender that offers business consulting as part of the loan package.
If a business needs money for working capital, an ideal product is a revolving line of credit, said David Valdez, a small business/commercial lender at Century Bank’s Santa Fe office. “The business uses the line when cash coming in is slow and pays it down when the cash is flush.”
Continue readingTEAM Fund Now Accepting 2023 Applications
The Regional Development Corporation’s Technology and Manufacturing (TEAM) Fund, a no-interest loan program that offers loans of up to $20,000, is accepting applications until March 17, 2023. The fund is open to technology and manufacturing companies headquartered in one of seven Northern New Mexico counties, which include Los Alamos, Mora, Rio Arriba, San Miguel, Sandoval, Santa Fe, and Taos. Applicants must attend a March information session.
Continue readingRio Arriba County Businesses Can Connect with Resources on Feb. 23
The Regional Development Corporation is hosting its Business Connectivity Event to help Northern New Mexico businesses located in Abiquiu, Rio Arriba County, and the surrounding region learn about free and low-cost resources and opportunities that will help their businesses grow. The event takes place on February 23, 2023 from 8:30 am to 12:00 pm at the Abiquiu Rural Event Center, House #122A, State Road 554, Abiquiu, NM 87510.
Continue readingRegional Agencies Still Have Money to Lend
Money is still available through New Mexico’s regional Council of Governments (known as COGs) that created emergency loan funds during the height of the pandemic. The Working Now Revolving Loan Fund created by North Central New Mexico Economic Development District and the Revolving Loan Fund (RLF) created by Northwest New Mexico Council of Governments continue to accept applications from small businesses in their service areas.
Continue readingTechnical Assistance Advisors Offer More Than a Loan
Matilda Scheurer purchased Teresa’s Tamales in January of 2021, and she did it with help from The Loan Fund, a nonprofit Community Development Financial Institution (CDFI). In addition to obtaining a loan to purchase the long-time Cleveland, New Mexico restaurant, Scheurer got access to a technical advisor she can call when she needs business advice, feedback, or an answer to a question.
Joaquin Amador is The Loan Fund’s Technical Assistance Advisor in the northern part of the state*. Based in Santa Fe, Amador helps provide loans and lines of credit to small businesses and nonprofits and then offers technical support to ensure those businesses thrive.
Amador is well-positioned to offer assistance. With more than 20 years of management and marketing experience ranging from tech startup to multibillion-dollar global businesses, he is equipped to offer advice on strategic issues like business improvements, as well tactical challenges such as online marketing and search engine optimization. Two advanced degrees – an MBA from the University of New Mexico and a Master of Science from the University of Chicago – give Amador a wide range of business knowledge he can share with The Loan Fund’s clients.
Continue readingGas Service Company Grows with Help from LiftFund
After years of working for a large corporation in the gas & propane industry, Randy Peralta decided to pursue his own entrepreneurial project that would allow him to draw on his experience and be his own boss. In 2021, Peralta launched Gas Register Specialty Services, known as GRS Services, a mobile gas meter calibration company. Peralta’s specialty business serves commercial clients from Lea to San Juan counties.
While 28 years of technical experience in the propane industry were imperative for the nature of work that GRS Services set out to offer, operating a sole proprietorship did not come without its challenges.
“Having experience in the propane industry did not necessarily prepare me to handle all of the business and operational aspects,” said Peralta, adding that while he learned a lot in the field during his years in the industry, financial reporting and project management were new to him. He also needed to attend what he calls ‘meter school’ to be able to legally calibrate both electronic and mechanical meters.
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