Cover photo for Micro-Loan Program for New Mexico Farmers

Micro-Loan Program for New Mexico Farmers

New Mexico Farmers' Marketing Association

About

The New Mexico Farmers' Marketing Association (NMFMA) is a nonprofit organization with a mission to support farmers and producers who grow and sell food at farmers' markets and other local and direct marketing venues in New Mexico.

With donations received, the NMFMA maintains an account at the Sandia Area Federal Credit Union (SAFCU) with funds to be used as collateral for small loans to New Mexico farmers. This enables the loans to be offered at a low interest rate and as the loans are repaid, the funds can be reused to secure new loans. It is reuse and recycling at its best!

Eligibility

To qualify for a loan, applicants must comply with each of the following requirements:

  • Only members of the NMFMA are eligible to apply. Join the NMFMA here.

  • Submit an NMFMA Pre-qualification Letter (download guidelines here). Applicants may also call the NMFMA at (505) 983-4010, to request an application form by mail or fax.

  • Must be a SFACU member by establishing an account at SFACU with a $50.00 balance, and upon pre-qualification approval, fill out a basic one-page NMFMA Loan Application.

  • Must be a food producer or food vendor (for at least one year) at an NMFMA member market. If you are a New Mexico food producer, food vendor, or are affiliated with local food who does not sell at an NMFMA member market, please contact us and we may be able to help.

  • We may request an exit interview at the end of the payment period.

Terms

Loan Details

  • Loan amounts available: $500 to $2,500

  • Terms: 40 months, fixed interest rate of 6% (check with NMFMA for most current rate) There is no penalty for early repayment.

Similar Programs

Details

Organization

New Mexico Farmers' Marketing Association (NMFMA)

Financial Instrument

Loan

Minimum Award Amount

January 1, 500

Maximum Award Amount

$2,500

Updated July 19, 2021

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.