Source: WESST Press ReleaseWESST Supports Efforts of the Small Business Resource Collaborative to Help Businesses on Central
Albuquerque, NM | April 21, 2017 –
WESST is pleased to support the Small Business Resource Collaborative (SBRC) to help businesses on Central affected by ART. The SBRC consultants have visited more than 400 potentially loan eligible businesses to establish relationships and offer marketing and financial help since February 2016. WESST has been working with the SBRC to provide guidance and support in their efforts to create the best process for providing financial assistance to these businesses.
Called the Central Loan Fund, it holds more than $700,000 in donations from the McCune Foundation and private contributors, and it is still growing. Low-interest loans (3 percent) of up to $15,000 per business will be extended to those who qualify. One year after completion of the ART project, borrowers from the fund will have an opportunity to have the balance of their loan repaid by the fund if certain conditions are met, such as remaining in business on Central.
“WESST is pleased to support the Central Loan Fund to help small businesses affected by ART to access funds through the guaranteed loan program. WESST will be supporting the SBRC who will be the organization that works directly with the businesses to process their applications and ensure that they qualify to access these funds. The role of WESST will be to accept the recommendations of the SBRC as to who qualifies and then process the loan documents to fund the loans. We are also looking forward to working with the SBRC to offer deep-dive consulting and training to the businesses that want to further strengthen their business practices” said Kim Blueher, VP of Lending at WESST
Businesses that want to apply for a loan or inquire about eligibility should contact the SBRC at 505.600.1751.