The Fund contributes $1,000 to local Albuquerque branch
Continuing its commitment to increase access to affordable business loans to diverse populations and support New Mexico small business, The Loan Fund contributed a $1,000 to the Albuquerque Chapter of the National Association for the Advancement of Color People (NAACP).
“This is just a small investment in the state of New Mexico that has large returns,” said F. Leroy Pacheco, President & CEO, during a presentation of the check on July 23, who spoke about a client, Mr. Patrick Jenkins, owner of A Better U Beauty and Barber Academy, who was a barber for 15 years before opening up his school in Albuquerque. He waited several years for a lender until The Loan Fund helped him. “We were able put together a small interest loan for him to realize his dreams.”
The contribution is one of a multiyear commitment The Loan Fund has made the NAACP local chapter since 2007. Several of the NAACP members have served on The Loan Fund’s Board of Directors, including current Board Chair Dr. Herb Crosby.
“The Loan Fund has been consistent in engaging the African American community and we appreciate that,” said NAACP Chapter President Dr. Harold Bailey. “They are concerned about making sure that minority-owned businesses have an equal opportunity to be effective … One of the problems with minority group businesses they have problems accessing loans so the loan fund closes that void.
“The Loan Fund allows someone to reach their dreams and their vision,” he added.
“We fill the void during this time that’s affected most small businesses so that they are able to stay afloat,” Dr. Crosby said.
The Loan Fund has awarded 67 loans just since January. Of those, 44 loans went to minority owned-business, said Pacheco.
Since 1989, The Loan fund has created more than 11,500 jobs and invested more than $100 million in loans and lines of credit to New Mexico companies and nonprofits. Officially incorporated as the New Mexico Community Development Loan Fund, the organization was incorporated to provide loans and lines of credit to small businesses, startups and nonprofits throughout the state that may be unable to obtain financing through traditional lending sources.