Only active paid members of the Chamber are eligible to apply;
Incomplete applications will not be reviewed or processed:
All questions or concerns must be submitted in writing: info@aagac.org.

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Program Overview

The Black Chamber of Commerce of New Mexico, in partnership with Nusenda Credit Union, is offering business loans ranging from $250 to $10,000 to under-engaged, underserved, and under-resourced New Mexico businesses based on your qualifications. Loan terms are flexible and will vary based on the loan amount, with repayment periods ranging from one to ten years. These loans have a competitive interest rate of 5% and are designed to provide financial support to businesses that meet specific eligibility criteria, to promote economic growth and empowerment within the community.

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General Applicant Eligibility

1. The applicant must complete all required fields and upload all required documentation.
2. Applicants must be active paid members of the Black Chamber of Commerce of New Mexico, and technical assistance is available for members through the “Small Business Success Program”.  Membership is based on the number of employees, for example, if you have five or fewer employees, your annual membership is $100 (BCCofNM.org).
3. Business documentation must be current, and the business must be in “Good Standing” with the Secretary of State. 

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Application Process

1. Complete the loan application form, by providing all required information and supporting documentation.
2. Clearly outline how the loan proceeds will be used and how they align with the business’ growth objectives.
3. Provide a budget that supports the amount requested, and all required documentation.
4. Applications will be reviewed and evaluated based on eligibility criteria and alignment with loan objectives.
5. Approved applicants will be notified of the approved amount, and terms of the loan.

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Use of Funds

1. Applicants must specify how the funds will be utilized to benefit and grow their business. Examples include but are not limited to:

• Purchasing equipment or supplies
• Hiring additional staff
• Marketing and promotional activities
• Rent or lease payments for business premises
• Other strategic investments to enhance business operations
• Training/continuing education
• Community-based programs

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Loan Application Processing Time

1. Online Application and Decisions: Anticipated review time up to two weeks.

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Loan Onboarding:

1. All approved applicants will be notified by a representative from Nusenda Credit Union. Once notified, the representative will:
   1. Arrange the loan payment date.
   2. Arrange the loan closing date.
   3. Arrange signing of the loan documentation.
   4. Determine disbursement of the loan.

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Loan Repayment

1. Upon approval under the Crosby Microloan program, we expect you to make timely loan payments. If you encounter any unforeseen financial difficulties affecting your ability to make timely payments, please contact us immediately to discuss potential modifications.

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Conclusion

The Black Chamber of Commerce of New Mexico is committed to supporting the success and sustainability of Black and other under-engaged, underserved, and under-resourced New Mexico businesses through these loans. By investing in New Mexico businesses, we empower economic development and create lasting benefits for our communities.

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All questions must be submitted in writing to: info@aagac.org