ALBUQUERQUE, N.M. (KRQE) – Helping small businesses survive the pandemic, retain jobs, and prepare for success upon reopening, DreamSpring is uniquely prepared to respond to the current economic crisis. DreamSpring is a nonprofit organization that increases access to credit, makes loans, and offers a community of support to help entrepreneurs in New Mexico, Arizona, Colorado, Georgia, Nevada, North Carolina, and Texas.
President and CEO of DreamSpring, Anne Haines discusses how they are providing support during the pandemic. The organization is prepared to respond to the current economic crisis as they routinely assist small and vulnerable businesses who are in dire support even in the best of times.
DreamSpring’s clients are businesses such as flower boutiques, auto repair shops, bookstores, food trucks, family farms etc. that often operate with cash flow that if interrupted, can only sustain the business for a few days. DreamSpring’s team of lenders has been hard at work helping Paycheck Protection Program applicants navigate the process, ensure they have correct documentation, and getting loans submitted in a timely manner.
In New Mexico, DreamSpring has issued 683 PPP loans totaling nearly $26 million and saving 4,334 local jobs. The organization’s average loan size was about $38,000 and DreamSpring is still welcoming and encouraging PPP applications up to $250,000 as long as the program remains open.
Knowing that PPP loans will come to an end DreamSpring is also actively working on additional lending programs to help with business relief and recovery. They are taking donations for their Relief and Recovery Fund to help support community businesses.
To apply for a PPP loan, businesses can visit DreamSpring.org.