Category: Local Incentives, Grants & Loans
AGENCY: ACCION New Mexico
DESCRIPTION: A local non-profit organization, ACCION New Mexico's mission is to provide business credit and training to self-employed individuals and families who have limited or no perceived access to traditional credit sources.
• Eligible businesses may be:
• Informal or formal;
• Full or part-time;
• Mom and pop types;
• Store-front based;or
• Maximum Program Benefits: ACCION provides lines of credit, fixed asset and working capital loans from $200 to $50,000.
• The program operates on a stepped-lending basis with an average first loan of $500. If the loan is repaid in a timely manner and the entrepreneur remains committed to the business, they may be eligible to apply for larger loans.
• Maturities: Short term, dependent on the loan amount.
• Rates: Market, similar to personal credit card rates.
• Fees: Closing fees are charged.
• For some sample figures, visit http://www.accionnm.org/credit_terms.asp. QUALIFICATION CRITERIA/COMMENTS:
• Eligible applicants must:
• Have an existing entrepreneurial activity, formal or informal, with at least six months of sales;
• Be at least 18 years of age;
• Be strongly committed to the business and to repaying the loan on time; and
• Have limited or no perceived access to bank business credit.
• ACCION will provide technical assistance.
• ACCION works closely with other programs providing financial and technical assistance.
• Visit the ACCION homepage: www.accionnm.org , or call (505) 243-8844, toll-free: (800) 508-7624.