What is the New Mexico SeedLoans Program?
NMSLP is a new loan program for persons with disabilities who are looking for equipment loans to help them with a home-based business or self-employment. The NM SeedLoans Program (NMSLP) provides loan guarantees and interest rate subsidies to help people with disabilities work independently.
Who Can Borrow from NMSLP?
New Mexicans with disabilities who are looking for equipment loans to help them with a home-based business or self-employment.
Applicants may be:
- people who already have a home-based business or are self-employed and who need new or additional equipment.
- individuals who want to tele-commute from their existing job and need help getting their home office set up.
- persons who’ve always dreamed of owning their own business and need assistance with supplies and equipment.
What can NMSLP Loans Be Used For?
- Home office supplies
- Business equipment
- Home office modifications
- Portable buildings
Please note: loans may not be used for business general operating expenses or for vehicles for personal use.
What Are The Terms of The Loan and Loan Amounts?
Terms of the Loan are from 12 months to 60 months and can range from $1,000 to $30,000. The rates of the loans vary: they are considered business loans by First Community Bank so the rate will be whatever the going business loan rate is at time of application. If the loan needs to be guaranteed by the NMSLP, the rate will be the current CD rate + 2%.
For more information please visit http://www.tap.gcd.state.nm.us/financial-assistance/new-mexico-seed-loan-program/