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REvolving Loan FUnd

Revolving Loan Fund (RLF)

The Northwest New Mexico Council of Governments offers a new financing opportunity through a grant from the U.S. Economic Development Administration (EDA). This revolving loan fund (RLF) will provide low-interest financing options to existing business owners operating in the counties of Cibola, McKinley and San Juan in northwest New Mexico for the following purposes:
  • Working Capital (7-10 years)
  • Machinery & Equipment (7-10 years)
  • Real Estate - New & Improvements (25 years)
  • Leaseholder Improvements (life of the lease but not to exceed 10 years)
  • Debt Refinance (term commensurate with use of proceeds from loan to be refinanced)

Details
  • Amount: Loans range from $20,000 - $100,000
  • Interest Rate: Fixed rate calculated at Wall Street Journal (WSJ) Prime  plus 2% at time of closing 
  • Fees: 
    • Application Fee: $250 (refunded if loan is not approved or added to closing costs if approved)
    • Origination Fee: 1% of loan amount
  • Closing Costs: All third-part closing costs can be included in the loan
  • Equity: The borrower's equity injection should be at least 10% of the request loan amount (excludes Working Capital)
  • Collateral: Loans will be secured by collateral (business and personal) to the maximum extent to ensure adequate repayment

Eligibility
  • Business must be located in Cibola County, McKinley County, or San Juan County
  • Business must be in operation for a minimum of two (2) years

Contact Us

Michael Sage
RLF Program Manager
Phone: 505-722-4327




​

Documents

RLF Application
File Size: 251 kb
File Type: pdf
Download File

RLF Brochure
File Size: 57 kb
File Type: pdf
Download File

To Apply

Contact Michael Sage at 505-722-4327 to schedule an appointment. You should be prepared to share financial statements from the past 2 or 3 years during this interview.
CONTACT US
Northwest New Mexico Council of Governments
106 West Aztec Avenue
Gallup, NM 87301
Phone: (505) 722-4327
Fax: (505) 722-9211
Copyright @ www.nwnmcog.org
  • Home
  • Programs
    • Economic Development >
      • Opportunity Zones
      • P.O.W.E.R Grant
      • Outdoor Recreation >
        • McKinley County True Campaign
        • Aztec OR Project
      • Rural Economic Development
      • Revolving Loan Fund
    • Transportation >
      • RTPO Meetings
      • Important Documents
      • 4 CITE
    • Local Governments Services >
      • 2023 Legislature
      • Projecteering
    • Environment >
      • NWNM Brownfields Assessment Coalition
      • Energy Efficiency & Conservation Services
    • Water >
      • RWC Meetings
      • Rural Water Summit
      • Important Documents
      • Region 6 Water Plan
      • NGWSP
  • Featured Projects
    • Build Back Better Application
    • Cibola County Comprehensive Plan
    • Prewitt-Milan Transportation Plan
    • Prewitt Industrial Park
    • Milan Industrial Park
    • ZMTP
  • Regional Data
    • Interactive Maps
    • Resource Library
  • About
    • Staff
    • Board
    • Annual & Financial Reports
    • Newsletters
    • Employment Opportunites
    • Request For Proposals
    • COG Mural Project
    • Annual Luncheon
  • Cog Blog
  • Current Plan Updates
  • Book Us