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: The application process for the next round of Micro-Loan funding opens on November 1, 2019 and applications are due on or before January 31, 2020. Awardees will be notified in February.
Award Size: From $500 to $2500.00
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. To be eligible, 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 will move the company forward and 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?
The application process will open several times a year. The RDC will also be hosting a series of workshops throughout the region to share more information about the funding opportunities. Sign up to receive the RDC newsletter to stay up to date on the latest round of application opening dates, information sessions, and deadlines. Please contact with questions or to learn more.