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ArticlesCheck back each week for a new article, or subscribe to receive articles delivered by e-mail every Monday.224. Quemado Rito Convenience Store Puts Rural Community Back on the MapTommy Padilla works full time for the state Livestock Board and owns a 2,000-acre cattle ranch near Quemado, a rural community that’s home to 781 people. In 2008, he saw an opportunity to provide a needed service to motorists driving through the town. Padilla turned to The Loan Fund, a nonprofit organization that provides loans, training and advice to entrepreneurs, business owners and nonprofit groups throughout New Mexico and the Navajo Nation. 215. Jobs Act Frees Cash for Small-Business BorrowingAs of this year, under temporary provisions of the Jobs Act affecting the 504 loan program, borrowers can finance up to 90 percent of the appraised value of property they own. Borrowers with more than 10 percent equity can thus obtain cash to pay eligible business expenses. 209. Truck Puts Chef on Road to ProsperityCalvo’s business expansion was made possible with a loan from The Loan Fund, a tax-exempt organization that provides loans, training and consulting to entrepreneurs, business owners and non-profit organizations throughout the state and the Navajo Nation. 208. Get Insight from a Debt ScheduleFinancial institutions do not want saddle people with loan payments they cannot afford. Do a personal and business debt assessment before looking for a loan. Determine your debt-to-income ratio and prepare a debt schedule to obtain insight. 201. Be Ready When Banks Step Up LendingRecent financial activity suggests money might be starting to flow again. That’s why now is a good time to build a relationship with one or more financial institutions through dialogue. Before dialogue starts, business owners should fully understand their financial position. 180. Loans for Legacy, Equity for GrowthAnyone looking for a business investor must examine their personal goals before looking for funding – different reasons for starting a business mean different ways of finding money. 174. Alternative Lender Helps Kids Find Their CastleThe Loan Fund is an alternative lender with $16 million in assets and a loan pool from sources as diverse as state and federal agencies, banks, individual donors, and faith-based organizations. In 2010 it surpassed $41.5 million in loans to more than 1,200 New Mexico clients that created or preserved 6,000 living-wage jobs. 161. Preparing to Ask for a LoanAsking for a loan is a type of negotiation. As with any negotiation, an entrepreneur is more likely to succeed if she understands the needs of the other party: the lender. 146. Character Matters When Looking for a LoanMost lenders require borrowers to meet basic criteria, however, alternative lenders such as ACCIÓN New Mexico ∙ Arizona ∙ Colorado, put a large emphasis on character. If a borrower doesn’t meet loan standards, these organizations will often provide assistance to improve the potential borrower’s financial position. 141. Clear Business Plan is Key to Getting a LoanWhether an entrepreneur is starting a new business or expanding an existing venture, applying for a loan can be daunting. A good business plan makes the process less intimidating and more likely to succeed. |
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