Tag Archives: small business loans

Spanish is Natural for this Small Business Advisor

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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. 

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Lenders Tailor Credit to Specific Needs

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David Valdez, Vice President Small Business Lending, Century Bank

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.”

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TEAM Fund Now Accepting 2023 Applications

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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.

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Rio Arriba County Businesses Can Connect with Resources on Feb. 23

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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.

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Regional Agencies Still Have Money to Lend

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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.

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Technical Assistance Advisors Offer More Than a Loan

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Joaquin Amador, Technical Assistance Advisor at The Loan Fund

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.

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Gas Service Company Grows with Help from LiftFund

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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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TrueGrit Loan Aims to Recharge Small Businesses

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The TrueGrit Growth loan, offered by the nonprofit lender DreamSpring in partnership with Wells Fargo,* provides eligible business owners continuing to recover from the pandemic with up to $10,000 to rebuild the business and position it for long-term growth. The unsecured, low-interest, fixed-rate loan offers flexible terms that are hard to beat.

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DreamSpring Helps Restaurant Launch – and Recover from Setbacks

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Twenty-two years after moving to Albuquerque to attend the University of New Mexico on a basketball scholarship, Frank Willis and his sister Tiffany moved their home-based catering operation, Frank’s Famous Chicken and Waffles, to a building on San Mateo Boulevard. The siblings did so with a $1,500 starter loan from the microlender DreamSpring and business advice from their mother Lola Beavers.

The Willises moved to New Mexico from California, where Frank grew up eating his signature dish and other traditional soul food at the Los Angeles eatery Roscoe’s Chicken and Waffles. Finding no such cuisine in New Mexico, Frank and Tiffany started cooking dishes in their shared apartment and selling them via Facebook orders.

In 2019, their first restaurant moved to a larger facility at 400 Washington St. SE. “It’s a much bigger, nicer restaurant,” said Beavers, who moved to Albuquerque in 2016 after retiring from her state government job in California. “The décor is similar, in that it has a music theme with photos of musicians on the walls, but it’s a little more classy.”

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Small Business Pros and Funding Available at All Levels

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According to the U.S. Small Business Administration Office of Advocacy, the top reasons for starting a business have not changed much in the past decade. Chief among those reasons is the desire to be one’s own boss and have greater control over one’s income. New Mexico, whose businesses are predominantly small (as defined by the SBA), is fortunate to be home to so many people with a drive for personal self-determination.

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