Albuquerque, NM. The Loan Fund, a statewide nonprofit alternative lender, had another successful year in lending to New Mexico’s small businesses, microenterprises, and nonprofit organizations in 2012 in a tough economy.
During 2012, The Loan Fund:
· Made 64 loans throughout New Mexico totaling $3.3 million.
· Helped create or preserve over 300 New Mexico jobs with these loans
· Financed 13 start-up businesses
· Ended the year with $11.5 million in total loans outstanding
Among the start-up businesses The Loan Fund financed last year are:
· Waterway of New Mexico. A Moriarty-based microenterprise and the state’s only certified fire hose tester. Previously, fire departments in New Mexico had to contract with out-of-state businesses for all required fire testing.
· Zero Point Parkour. Albuquerque’s first free-running gym that is set up with many “Ninja Warrior”-inspired challenges. This loan was made through the Bernalillo County Increment of One loan fund, which is a partnership funded by The Loan Fund and Bernalillo County.
· The Supper Truck. An award winning food truck that serves modern, creative Southern fare by taking traditional favorites and giving them an over-the-top twist. The Truck makes regularly scheduled stops at Talin Market, Albuquerque’s microbreweries, and the University of New Mexico.
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 alternative lender, providing loans and technical assistance to small businesses, microenterprises, 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 $49 million in loans that have created or preserved over 6,800 New Mexico jobs.