Albuquerque, NM. The Loan Fund, a statewide nonprofit community lending organization in its 25th year of operation, is pleased to announce that it has already matched its total lending volume in 2013 to New Mexico’s small businesses, entrepreneurs, and nonprofit organizations with three months remaining in 2014.
Through the end of September, The Loan Fund:
· Made 71 new loans throughout New Mexico totaling $4.5 million.
· Helped secure over 450 New Mexico jobs with these loans
· Financed 7 start-up businesses
· Maintained a loan portfolio in excess of $12 million since May
With a robust pipeline of loans to close before the end of the year, The Loan Fund anticipates a strong fourth quarter. “The entrepreneurial spirit in New Mexico remains bright, as The Loan Fund continues to meet the needs of small businesses and entrepreneurs across the state— particularly those in low-income communities. We continue to see a growing demand for affordable credit from individuals looking to grow and start their own small businesses,” says Leroy Pacheco, President/CEO of The Loan Fund.
The Loan Fund was founded in 1989 by the New Mexico Conference of Churches with a mission to help alleviate poverty. The Loan Fund is New Mexico’s largest and most experienced nonprofit community lending organization, providing loans and consulting services to small businesses, entrepreneurs, and nonprofit organizations that are typically unable to obtain financing through traditional lending sources. The Loan Fund’s loans range from $5,000 to $500,000. Since inception, The Loan Fund has made $57 million in loans that have helped secure over 7,600 New Mexico jobs.