New Mexico’s Small Business Recovery Loan Fund offers up to $150,000 with low interest to pandemic-impacted businesses. The fund was created to assist New Mexico businesses unable to access any or enough Paycheck Protection Program (PPP) funds, and it continues to fill that void now that the PPP has expired. The loan program is open to applicants until December 31, 2022.
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Gallup Community Central to Music-Store Owner
Rhonda and Ryan Quintana connected over music. Born and raised in Gallup, both were active in the local music scene — Rhonda as a singer and Ryan playing guitar while pursuing a music degree.
It was no surprise, then, when Rhonda and Ryan opened Quintana’s Music Center in 2017 on Gallup’s Coal Avenue in the heart of the city’s revitalized downtown. The store sells musical instruments and band equipment, and the Quintanas work with schools to help students get the instruments they need.
Rhonda said dedication to community is central to what they do. Before the pandemic, Rhonda served on various boards, led fundraising efforts for local charities, and provided management and logistics for community-energizing local events through the business.
“We try really hard to be ingrained in our community,” Rhonda said.
Continue readingNonprofit Offers More Than Small Business Loans
By the time a client gets a loan from The Loan Fund, she’s in a committed partnership with the nonprofit lender. That’s because The Loan Fund offers business development consulting to all potential clients — not just those who receive loans.
The Loan Fund loan officers provide “pre-loan consulting” the moment they receive an inbound call or greet an office visitor. And consulting continues after the client walks out the door — either to get more prepared or to start putting the loan money to work building a business, creating jobs and improving communities. The Loan Fund is fully invested with the people whose business startup and expansion plans it helps finance —even with those who aren’t ready for a loan.
To fulfill its mission “to provide loans and assistance to improve the economic and social conditions of New Mexicans,” The Loan Fund offers the kind of advice and support that help businesses grow and reach sustainability.
Continue readingSBA 504 Loans Offer Low Interest Rates
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.
Continue readingDreamSpring Commits to Expanded Lending
The nonprofit lender DreamSpring has embarked on a 5-year plan to escalate its annual impact ten-fold over the organization’s 2019 lending levels by increasing its focus on entrepreneurs of color, low- and moderate-income entrepreneurs, people with disabilities, and other groups that are often underserved or marginalized.
Continue readingDreamSpring Has Record Year
Small businesses that were impacted by the COVID-19 pandemic were the greatest beneficiaries of services provided by the nonprofit lender DreamSpring in 2020.
When the pandemic hit early in 2020, DreamSpring quickly adapted to a fully remote work model and pivoted from business-as-usual to providing economic triage alongside an array of partners, which included community-based organizations, banks, federal and local government agencies, philanthropies, individual donors, and existing clients. DreamSpring’s ability to serve as economic first responders to the smallest, most vulnerable businesses in the crisis by providing access to Paycheck Protection Program (PPP) funds and other resources was crucial to keeping thousands of businesses afloat.
The results are impressive.
Continue readingCAP Program Fills Collateral Shortfall
The Collateral Assistance Program (CAP) helps creditworthy small businesses obtain a loan for which they might not otherwise qualify. To help banks and other financial institutions make loans to small businesses in underserved markets, the New Mexico Economic Development Department can pledge cash to cover a collateral shortfall of a loan to enable commercial financing. Business owners apply through a participating bank or financial institution that can initiate the loan.
Continue readingWESST Launches HOPE Loan Fund
Economic developers believe a key contributor to economic inequality in the United States is the large and persistent racial and ethnic disparity found in business ownership and performance. Barriers to accessing capital that particularly impact Black, Indigenous, People of Color (BIPOC) entrepreneurs include lack of initial wealth, financial literacy, education, and managerial experience. To address racial and income inequities, WESST launched the HOPE Fund (Helping Open Possibilities for Everyone), a “no barriers to accessing capital” approach for people of color and low-wealth New Mexicans.
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LiftFund transforms lives by opening doors, leveling the financial playing field in…
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