Frequently Asked Questions
What types of loans does The Loan Fund offer?
The Loan Fund offers loans for:
- Small businesses
- Nonprofit organizations
- Start-up businesses
- Business Lines of Credit
Does The Loan Fund offer personal or individual loans?
Owners of established businesses and individuals who want to start their own business.
You may qualify if you:
- Have a reasonable credit history
- Can demonstrate your ability to repay the loan
- Can offer acceptable collateral
Does The Loan Fund offer grants to small businesses or start-up businesses?
We do not offer grants; all our loans must be repaid.
What are the typical loan terms, interest rates, and repayment plans?
The Loan Fund offers flexible payment schedules, and we review each loan application on a case-by-case basis.
Our normal loan rates and terms are:
- Interest rates: 8-10%
- Amount: $5,000-$500,000. Higher and lower dollar amounts available on case-by-case basis.
- Terms: 1 to 10 years for most; 15-20 year amortizations for real estate-based loans.
- Fees: 2% closing fee
How do I get started?
- To talk with one of our loan officers, call us at (505) 243-3196.
- If you are ready, download a loan application.
- Talk with us!
- Gather and submit the appropriate documents- financials, business plan, etc.
- Loan closing
How long does it take to get a loan?
The length of the loan process varies based on when your loan officer receives the appropriate documentation. Typically, it takes three to four weeks to close the loan once all information is received.
What if I want to pay more than my monthly payment? Pay off my loan early?
There is no penalty for either.
I don’t think The Loan Fund is right for me. Where else can I go?
Check out these other great resources for small businesses!