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New round of federal funding expected to go fast, on first-come, first-served basis
ALBUQUERQUE, NM – DreamSpring strongly encourages New Mexico businesses to submit applications immediately through its website, www.DreamSpring.org, to increase their chances of receiving relief funds from the next round of the federal Paycheck Protection Program (PPP). PPP funds anticipated to be released this week will get disbursed on a first-come, first-served basis from lenders nationwide, and there is little doubt the pool will empty in record time.
Formerly known as Accion serving Arizona, Colorado, Nevada, New Mexico and Texas, DreamSpring is operating on the front line of the economic crisis to provide responsive services and financial capital to New Mexico entrepreneurs who have been profoundly impacted. The DreamSpring lending team is ready to help underserved entrepreneurs navigate the PPP process right away to ensure preservation of as many local enterprises and jobs as possible.
“DreamSpring understands that access to fast, affordable credit and one-on-one business support has never been more critical,” said President/CEO Anne Haines. “Because of our years of experience, we are uniquely prepared and practiced to serve as a first-responder helping microenterprises access emergency funding and survive the COVID-19 economic crisis.”
With the first round of PPP funding, DreamSpring issued 52 loans totaling $2.45 million to New Mexico small businesses. The average loan amount was $48,900, and 504 jobs were saved.
In DreamSpring’s 26 years, 90 percent of DreamSpring’s loans have typically gone to low- to moderate- income, minority, women and/or veteran entrepreneurs in New Mexico’s rural and urban communities.
Founded in Albuquerque in 1994, DreamSpring is a nonprofit organization that increases access to business credit, makes loans and provides support to enable entrepreneurs to realize their dreams and be catalysts for positive economic and social change. Serving Arizona, Colorado, Georgia, Nevada, New Mexico, North Carolina and Texas, DreamSpring is dedicated to helping entrepreneurs and business owners generate income, build assets, create jobs and achieve financial well-being through business ownership. DreamSpring has provided more than 16,000 loans totaling over $170 million to entrepreneurs in 677 communities. The small businesses funded by the organization have created or sustained an estimated 22,600 jobs.
