October 31 — The Loan Fund has made a record $5.6 million in loans and lines of credit and an additional $1 million loan so far in the last half of 2023 to New Mexicans creating an RV business, expanding trash services or counseling services in rural areas and small towns, or expanding aviation services.
“This is a testament to what our founders had in mind when they created this organization,” says President/CEO F. Leroy Pacheco. “We are not only providing loan assistance but also improving the economic and social conditions for residents in the state.
“We are also creating generational wealth. Most of these small businesses are family-owned and operated,” he added.
Some of the loans reach the far corners of the state, such as BIS Logistics LLC based about six miles north of the Mexican border in Columbus. The family-owned trucking business came to The Loan Fund for a $165,000 loan to build a larger warehouse and maintenance facility to meet the needs of their growing business.
Other loans include $414,000 to The Counseling Center, Inc., in Alamogordo to refinance the business’ mortgage. Another loan includes $175,000 to Roswell Aesthetic and Wellness LLC, a medical spa.
One of the biggest loans includes financing to Fernando and Jennifer Nuñez, owners of GLN Development LLC based in Moriarty. The couple requested the loan to buy two buildings to provide aircraft hangar rental storage. This is the couple’s second loan with The Loan Fund. The couple sought financing in 2018 to purchase a larger building to serve as a maintenance facility as the business began to grow.