SBA Microloans now available
| SBA Microloans Offer Small Infusions of Cash |
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The US Small Business Administration's Microloan Program provides loans up to $50,000 to help small businesses and certain nonprofits launch and expand. According to the SBA, the average microloan granted under the program is about $13,000.
The program aims to help businesses that are unable to access capital from traditional sources, sometimes due to a lack of credit history or the amount of money needed is small.
As with most SBA loans, borrowers apply through an intermediary lender. SBA Microloan lenders also offer technical assistance to help borrowers set and reach their financial goals.
>Small loans are this program's specialty |
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The Loan Fund is a nonprofit lender that partners with the SBA on its Microloan Program, but it also offers larger loans for real estate, equipment purchases, and other business needs.
Loans from The Loan Fund come with technical assistance to help business owners set and reach their financial goals.
>Learn more about The Loan Fund
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Melissa Salazar and her father took the entrepreneurial leap into food service. Melissa managed a fast-food franchise and her father Jaime was a hotel chef before opening their restaurant. With the help of The Loan Fund, the Salazars purchased a building, and their business is thriving in Las Cruces.
>This client of The Loan Fund is now a Las Cruces institution |
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| Congratulations to Joy Colucci |
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The CEO of Albuquerque-based Metis Technology Solutions was named New Mexico Small Business Person of the Year by the SBA New Mexico District Office. There is still time to join the virtual celebration at the SBA Small Business Summit, which concludes on May 5. The summit also offers federal resources and workshops.
>Join the Summit |
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| Tourism Businesses Get Help from the New Mexico Tourism Department |
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The Tourism Event Growth & Sustainability Program offers three options to help businesses in the tourism industry develop or support their tourism-related events. Applications will be accepted until May 27.
>Support for Tourism Businesses |
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| Finance New Mexico project | 223 N. Guadalupe #451, Santa Fe, NM 87501 |
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