The New Mexico Community Development Loan Fund offers SBA Business Micro Loans for: – Small businesses – Start up businesses – Business Lines of Credit Uses of Funds – Equipment – Inventory – Building renovations – Operating capital – Business expansions Who Qualifies? Owners of established businesses and individuals who want to start their own business.
You may qualify if you: – Have a reasonable credit history – Can demonstrate your ability to repay the loan – Can offer acceptable collateral Typical loan rates and terms are: – Interest rates: 7-10% – Amount: $5,000-$500,000. Higher dollar amounts available on case-by-case basis.
– Terms: 1 to 10 years for most; 15 years for real estate-based loans.
– Fees: $350 for loans up to $25,000, 1% of loan amount for loans over $25,000.
New Mexico Community Development Loan Fund
Address: 423 Iron SW
State: New Mexico