What is the New Mexico Seed Loan 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 Seed Loan Program (NMSLP) provides loan guarantees 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
- Assistive Technology
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 loans they are considered business loans and administered by DreamSpring. The loan rate will be 6% plus a closing fee determined at the time of closing.
What do I need to do to apply for a loan?
- Complete a DreamSpring Loan Application (Download DreamSpring Application – PDF)
- Complete a NM Seed Loan Application (Download Seed Loan Application – MS Word) and (Download Seed Loan Application Instructions)
- Complete a Disclosure Consent Form (Download Seed Disclosure Consent)
- Complete a Contact Form (Download Seed Loans Contact Form – MS Word) and you will be asked Submit your last 2 years of Income Taxes and a copy of a valid New Mexico Picture ID.
- Submit the above documents to:
NM Seed Loan Project Coordinator
PO Box 6588
Albuquerque, NM 87197
NM Seed Loan Program Secretary
DreamSpring will review and process your application. If you are declined by the bank for any reason, then the NMTAP Seed Loan committee will review your loan request to consider approving the loan under the loan guarantee program. Note: If you are applying for a loan for self-employment or home-based business, please submit a Business Plan which will increase your success in business and obtaining a loan. (Download Small Business Plan Form – PDF) (Download Small Business Plan Form – MS Word)You may also obtain the necessary documents and information by contacting the SJCI Office at 1-855-891-8295.
For more information you can visit us or Facebook at https://www.facebook.com/NMSEEDloans or on the web at http://www.tap.gcd.state.nm.us/financial-loans/new-mexico-seed-loan-program/