10/20/2015
The Loan Fund is pleased to announce that it one of the top 25 Small Business Administration microlenders nationally—out of over 150 program participants— in terms of number of microloans provided and dollars loaned during the agency’s 2015 fiscal year. The Loan Fund made 31 new SBA microloans for a total of $647,746 in capital to small businesses across New Mexico.
Small businesses that received microloans from The Loan Fund during the year included:
· Karibu Café, an East African/Caribbean eatery in Albuquerque. Already operating as a food truck, the microloan enabled Karibu Café to open a brick and mortar restaurant
· Elle Well, a holistic health center in Santa Fe. The microloan enabled Elle Well to move into a new facility.
· Rad-Ish, a health restaurant in downtown Albuquerque. The microloan provided Rad-Ish with start-up capital.
· Selene’s Novedades, a clothing store in Albuquerque. The microloans provided enabled Selene’s Novedades to purchase inventory and a delivery truck.
· BlackLake Roasters, coffee roasters in Angel Fire. The microloan helped BlackLake Roasters move into a larger facility.
The SBA Microloan Program provides nonprofit lending organizations, like The Loan Fund, with long-term low-interest loans to use to provide new and operating small businesses with affordable microloans (loans up to $50,000). The participating nonprofit lending organizations are also eligible to receive annual grants to provide pre- and post-loan technical assistance to prospective and active microloan recipients.
The Loan Fund has received two rounds (loans) of $750,000 from the SBA Microloan Program, as well as three technical assistance grants.
For more information, please go to https://loanfund.org/Microloans.aspx or contact George Kenefic at gro.dnufnaol@egroeg.