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

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Contact Us

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




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Documents

RLF Application
File Size:	251 kb
File Type:	pdf

Download File

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RLF Brochure
File Size:	57 kb
File Type:	pdf

Download File

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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.