The nonprofit lender DreamSpring has introduced a new loan product to help contractors move projects ahead despite rising costs. The Fast Forward loan, which provides short-term financing for 1-3 months at 0% interest, is specifically for contractors, service providers, project-based businesses, and construction industry businesses. Funds can be used for working capital to complete projects or get new initiatives off the ground.
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Low-Interest Recovery Loans Still Available
Businesses that were impacted by the COVID-19 pandemic still have access to a few recovery loan programs designed to propel companies toward growth by offering low interest rates and deferred payments. These loans are even more attractive as interest rates on traditional loans increase.
Continue readingNew Program Offers Loans to Cannabis Businesses
Until cannabis is legalized by the U.S. federal government, cannabis businesses have limited banking and loan options. But access to capital in New Mexico has improved since legislators authorized the New Mexico Finance Authority to offer microloans of up to $250,000 to small businesses engaged in the sale or production of cannabis.
Continue readingCommunity Advantage Loan Helps Arborists Scale to Meet Demand
Eric’s Tree Care is deeply rooted in a love for all things nature. The Albuquerque-based landscaping and arborist service has been in business since 1997. And as its reputation has grown over the years, so has the range of services and scale of jobs its team of tight-knit arborists can tackle.
When Eric’s Tree Care needed a larger loan to support the next chapter in the business’ development, they turned to DreamSpring for capital through the Community Advantage program. A loan from DreamSpring ensured Eric’s Tree Care had the tools they needed to succeed and the capacity to keep scaling to meet customer demand.
Today, the Eric’s Tree Care team provides complete care from root to tree-top. They specialize in tree management advice; careful pruning and root work; removal and stump grinding; and planting services. They’re also skilled in adding structural supports to trees — a technical feat where cabling or customized bracing is used to increase safety and extend the lifespan of a tree for years to come. Estimates are always free.
Continue readingMicroloan Program Fills Lending Gap
The U.S. Small Business Administration partners with nonprofit lenders to help businesses access small infusions of cash for working capital and expenses related to inventory, supplies, equipment, furniture, and fixtures. The SBA Microloan Program aims to help small businesses that are unable to access capital from traditional sources. The average loan size is $13,000.
Continue readingLoan Gives New Life to Las Cruces Cafe
Melissa Salazar was a manager at a Las Cruces McDonald’s when she and her father, Jaime Salazar, an executive chef at the Holiday Inn, took over La Nueva Casita Café, a Mexican restaurant in the Historic Mesquite District in 2005.
“My brother was driving through the neighborhood and saw the building was for rent. My dad grew up two blocks from here,” said Melissa, describing downtown Las Cruces and the original township. “We applied to be occupants and the owner said there were several people who inquired about it but he thought that my dad would be the right one to carry on what his mother started.”
La Nueva Casita was created in 1957 along the Camino Real, the same route that brought conquistadors from Mexico City to Santa Fe. Historians note that the path was also likely used by Indigenous people for travel years prior. Many who remain in the neighborhood are descendants of the original settlers who created Las Cruces, with some of the homes dating back to the late 1800s and early 1900s.
Continue reading7A Community Advantage Still Available
The U.S. Small Business Administration created the 7A Community Advantage loan program as a pilot program to help small businesses in underserved markets. The program was scheduled to expire on September 30, 2022.
Continue readingSBA Extends EIDL Payment Deferment
The U.S. Small Business Administration has announced it will extend the deferment period of principal and interest payments for businesses that received a COVID Economic Injury Disaster Loan. The deferment gives COVID EIDL borrowers an extra six months of payment relief, thereby extending the total deferment period to a total of 30 months from the inception of all approved COVID EIDL loans.
Continue readingRecovery Fund Fills Void Left by Expired PPP
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.
Continue readingGallup 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.
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