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NM SeedLoans Program (NMSLP)

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New Mexico SeedLoans Program

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?

  • Tools
  • Computers
  • 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%.

What Do I Need To Do To Apply For A Loan?

Step 1: Review the Application Instructions (Rich Text).
Step 2: Complete a First Community Bank Business Credit Application (Rich Text).
Step 3: Complete a NM SeedLoans Application (Rich Text).
Step 4: Complete a Disclosure Consent Form (Rich Text).
Step 5: If you are applying for a loan for self-employment or home-based business, please also submit a Business Plan (Rich Text).
Step 6: Complete an Income Statement (Microsoft Excel).
Step 7: Submit the above documents to:
      Larry Maestas, NM SeedLoans Project Coordinator
      5010 Eakes Rd. NW
      Albuquerque, NM 87107
Step 8: First Community Bank will review and process your application within three business days. If you are declined by the bank for any reason, then the NM SeedLoan Committee will review your loan request to consider approving the loan under the NM SeedLoan guarantee program.

All the above documents are also available either by contacting Larry Maestas, NM SeedLoans Coordinator at 505-366-8192 or by e-mailing Larry Maestas at maestaslarrylar@comcast.net.

How Long Does It Take To Get A Loan?

Once your application is submitted to First Community Bank, you should hear back within 3 business days. If you apply for the loan guarantee through NMSLP, it may take a few weeks as the Loan Committee meets monthly and reviews loan applications at their monthly meetings.

Who Do I Contact If I Have Questions?

The staff at NM SeedLoans is available to help you with completing this application. Please call Larry Maestas at 505-366-8192. Or, you may also contact your local Small Business Development Center. For the location of the Center closest to you, go to: http://www.nmsbdc.org/locations.html and click on the location nearest you. A complete list of SBDCs in New Mexico is available for download here: (PDF) (Rich Text).

For additional information please contact:

Larry Maestas
Toll-free: 1-855-891-8295

New Mexico Technology Council's Tele-Work Seed Loan Policy and Procedures:
(PDF / Rich Text Format)

New Mexico SeedLoans:

SeedLoan Success Stories

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