ALBUQUERQUE, N.M. (AP) — Microlender ACCION New Mexico has been awarded a $1.35 million federal grant to help it continue providing low-interest loans to small businesses and entrepreneurs who can't get regular bank loans.
Sens. Jeff Bingaman and Tom Udall, both New Mexico Democrats, say the grant was awarded from the Treasury Department.
They say the money is to help ACCION provide microenterprise and small business loans to entrepreneurs in New Mexico, Arizona, and Colorado who might otherwise be overlooked by traditional banks and lenders because of "modest capital needs, lack of business or credit history or limited collateral."
