The Regional Development Corporation’s Micro-Loan Fund is a no-interest loan fund available to any type of small business that has an immediate need for a small amount of funding to sustain the company and/or to move it to the next level. A Micro-Loan assists companies that may not be eligible for other types of funding, or are not aware of available funding sources. Companies selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.
Awards are made on a competitive basis and are intended to provide small infusions of capital that allow a business to diversify, sustain or grow revenue, leverage other investments, and put proper systems in place that lead to growth in order to create opportunities for job seekers who want to stay in the region. The RDC provides information on other funding opportunities to applicants.
Important Dates: Request for Proposals opens July 1, 2019. Proposals will be accepted at any time and evaluated on an ongoing basis while funding lasts or until 5 pm, on September 18, 2019, whichever comes first.
Award Size: Up to $1,500.00
Eligibility: Small businesses of any type, size, or stage may apply. Proposals relating to gaming, tobacco, or illegal activities will not be funded. Applicants in rural areas of the RDC’s seven county service region will be given preferential consideration. Applicants must:
Be a for-profit company with a business license
Be headquartered in Sandoval, Santa Fe, Los Alamos, San Miguel, Mora, Rio Arriba, or Taos county
Submit a fully completed Micro-Loan Fund application by the published deadline
Have a specific project in mind with well-defined goals and tasks that can be completed in 6 months or less from the contract date
Award Guidelines: Funds are awarded through a competitive process. Awards may be used to procure specialized services or company equipment that will lead to increased revenues and employees. Micro-Loan funds are not available for general development work, general working capital, or salaries. The full or a partial amount of the total request may be awarded. Each proposal must outline milestones/concrete tasks that the funding will help achieve and show how these milestones will sustain or advance the commercial progress of the company. Payment is not made upfront, but only made once pre-agreed upon milestones/tasks are completed and approved.
Selection Process: Proposals that meet the eligibility requirements will be evaluated by an independent review panel of local and regional business experts. Proposals will be evaluated on their potential to create new jobs, increase or diversify revenues for the company, and leverage other investments.
How can I apply for funding?
Applications will open in late June and close in August or September 2019, depending on the fund. Click on the fund name above to get information about each specific fund. The RDC will also be hosting a series of workshops throughout the region to share more information about the funding opportunities. RDC staff is available to help with the application process every step of the way. Please contact firstname.lastname@example.org with questions or to learn more.