Tag Archives: small business loans

Community Advantage Loan Helps Arborists Scale to Meet Demand

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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.

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Microloan Program Fills Lending Gap

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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.

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Loan Gives New Life to Las Cruces Cafe

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Melissa & Jaime Salazar

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.

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SBA Extends EIDL Payment Deferment

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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.

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Recovery Fund Fills Void Left by Expired PPP

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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

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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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Nonprofit Offers More Than Small Business Loans

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Almost a decade after building their facility with help from The Loan Fund, Pet Planet continues to provide top-quality service to Las Cruces pet owners.

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.

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SBA 504 Loans Offer Low Interest Rates

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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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DreamSpring Commits to Expanded Lending

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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.

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