DreamSpring Helps Restaurant Launch – and Recover from Setbacks

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 Recovery Loan – One Month Left to Apply

The application window for the Small Business Recovery Loan Fund program is about to close. Authorized by the State of New Mexico and available through the New Mexico Finance Authority, the Small Business Recovery Loan program offers loans of up to $150,000 to businesses that were negatively impacted by the pandemic. Applications must be submitted by early- to mid-December in order for a loan to close by the program’s deadline of December 31, 2022.

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Recovery 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.

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