HOW DO I GET A LOAN? :: GO BACK TO LOANS TO SMALL BUSINESSES

All borrowers must fill out an application , provide all required supporting documentation and be approved by the Loan Administration Board. Filling out applications is never fun, so before you apply it is important to know if you meet the minimum qualifications. Because each of the funds has slightly different requirements, please consider the following list in light of each fund's rules.

• Business location in appropriate geographic territory;
• Permanent job creation of about one job for each $25,000 of federal funds;
• Business plan demonstrating market and financial feasibility;
• Clear statement of the amount to be borrowed and its uses;
• Participation by a banking partner;
• Equity injection by owner or business of at least 10%;
• Ability to repay the loan;
• Demonstration that the deal cannot proceed without the aid of the Loan Fund.

If you have a current business plan and you know how much you want to borrow and why, it's time to contact the District for a pre-application conference. You can download an application clicking HERE. Staff will review the application with you and let you know what other documents you will need. You will also be asked to sign a release of information form so that a credit check can be completed.

Once you have COMPLETELY satisfied the Loan Officer that he has all the documents he needs, he will prepare your request to the Loan Administration Board. He will need at least two weeks before the Board meeting to prepare the application and distribute it for review. This time and this preparation is necessary to insure that your loan has the best possible chance of approval. Although the Board generally meets monthly, your application will not be considered until it is complete and written up by the Loan Officer.

You will be notified no later than one week following the Board decision on you loan. If accepted, you will get a commitment letter outlining the terms and conditions, any pre-closing requirements and a tentative closing date. Once you return the signed commitment and any required fees, staff will help you get ready to close your loan.

It's just that simple.

To get more information or to schedule a pre-application conference, please contact Arturo Archuleta at 476-1019 or rlf@nm.net.

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OTHER INFORMATION ABOUT
ECONOMIC DEVELOPMENT LOANS TO SMALL BUSINESS

What is Economic Development Finance?
Strategy for Economic Impact
How do I get a Loan? [You are here.]
EDA Revolving Loan Fund
Tri-County Regional Revolving Loan Fund
Santa Fe Direct Loan Fund

Other Business Resources:
Link to SBDC Web Pages
WesstCorp
Community Development Loan Fund
Enchantment Land Economic Development Corporation
Coronado Ventures Forum