Albuquerque, NM. The Loan Fund, a statewide nonprofit community lending organization, is pleased to announce that 2014 was the organization’s third best year for total lending to New Mexico’s small businesses, entrepreneurs, and nonprofit organizations in its 25 year history.
In 2014, The Loan Fund:
• Made 92 new loans throughout New Mexico totaling $5.5 million.
• Helped secure over 500 New Mexico jobs with these loans
• Financed 10 start-up businesses
Additionally, The Loan Fund has had a strong start in 2015. Through the first two months of the year, The Loan Fund has made 17 new loans totaling $1.3 million, which helped to secure over 70 jobs and grow The Loan Fund’s portfolio to $13 million in loans outstanding. The Loan Fund has an additional $1.6 million in loans that should close in March or April.
“This year is shaping up to be another strong year for The Loan Fund,” says Leroy Pacheco, President/CEO of The Loan Fund. “There continues to be a strong demand for affordable business credit from hardworking individuals who are looking to start or grow their businesses, but might not fit their bank’s lending guidelines. The Loan Fund has the patience and expertise to help many of these individuals realize their dreams.”
About 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 generally range from $5,000 to $500,000. Since inception, The Loan Fund has made over $59 million in loans that have helped secure over 7,800 New Mexico jobs.