Frequently Asked Questions

The Loan Fund offers loans for: small businesses, start up businesses, nonprofit organizations, and business lines of credit.

Equipment, inventory, consumer loans, building renovations, operating capital, and business expansions.

Liquor, weapons, recent bankruptcies, and individuals/businesses without collateral.

No.

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, and can offer acceptable collateral.

We do not offer grants; all our loans must be repaid.

The Loan Fund offers flexible payment schedules, and we review each loan application on a case-by-case basis.Our typical loan rates and terms are:

• Interest rates: 5-8%
• Amount: $10,000-$1,000,000. Higher dollar amounts available on case-by-case basis.
• Terms: 1 to 10 years for most; 15-20 year amortizations for real estate-based loans.
• Fees: For loans up to $100,000, 2% of the loan amount
  • For loans greater than $100,000, 1.5% of the loan amount
  • For lines of credit, 2% of the loan amount
  • For 504 loans, 2% of the loan amount

• To talk with one of our loan officers, call us at (505) 243-3196.
• If you are ready, apply now.
• Process:
  • Talk with us!
  • Gather and submit the appropriate documents- financials, business plan, etc.
  • Underwriting
  • Loan closing
• Read our short guide on starting a business

The length of the loan process varies based on when your loan officer receives the appropriate documentation. Typically, it takes three to four weeks to close the loan once all information is received.

There is no penalty for either.

You can get an EIN at no cost, in minutes, on the IRS website.

Check out these other great resources for small businesses!