New Mexico SEEDLOANSNew Mexico SEEDLOANS

SEED = SEED = SSelf elf EEmployment for mployment for EEntrepreneurs With ntrepreneurs With

DDisabilitiesisabilities

Partnering With VRPartnering With VRIn New Mexico In New Mexico

VR Staff Members Serve On The VR Staff Members Serve On The Technology CouncilTechnology Council

NM SEEDLOANS Program NM SEEDLOANS Program PersonnelPersonnel

1) Market program directly to VR Area offices1) Market program directly to VR Area offices

2) Orient VR counselors on NMSEEDLoans2) Orient VR counselors on NMSEEDLoans

3) Send email updates3) Send email updates

4) Make personal appearances at regional 4) Make personal appearances at regional meetings to keep them up-to-datemeetings to keep them up-to-date

NM SEEDLoansNM SEEDLoans

Works with potential loan clients and Works with potential loan clients and refers them to VR when appropriaterefers them to VR when appropriate

Three out of last five loans have been made Three out of last five loans have been made to people with VR connections (active client, to people with VR connections (active client, former VR client, spouse who is client)former VR client, spouse who is client)

Has an advantage because NM DVR Has an advantage because NM DVR has a self-employment focushas a self-employment focus

Talking Points To Promote Talking Points To Promote Loan Program to VRLoan Program to VR

-Helps borrowers build credit and can improve -Helps borrowers build credit and can improve client’s credit ratingclient’s credit rating

- Very low rates of interest (currently 2.25%)- Very low rates of interest (currently 2.25%)

-VR funds can be leveraged with NM SEEDLoan -VR funds can be leveraged with NM SEEDLoan funds to pay for business expenses funds to pay for business expenses

-Allows VR counselor to purchase other services -Allows VR counselor to purchase other services that might be needed (and also to serve more that might be needed (and also to serve more clients)clients)

-Provides more supports so clients may not need -Provides more supports so clients may not need to return to VR when business problems ariseto return to VR when business problems arise

Road BlocksRoad Blocks-VR clients would prefer to receive free money -VR clients would prefer to receive free money (VR grant) compared to taking out a loan and (VR grant) compared to taking out a loan and having to pay it backhaving to pay it back

-Some VR -Some VR Counselors interested in outside services only if they are easy to access and will make their job easier

-Counselors do not believe that clients can afford loan- even a $50 loan payment for equipment that would make the client money.

-Easier for Counselor to just buy the business equipment outright than work with NM SEEDLoan Program

www.nmseedloans.orgwww.nmseedloans.org800-866-2253800-866-2253

Program Director: Program Director: andy.winnegar@state.nm.usandy.winnegar@state.nm.usLoan Council Member: Loan Council Member: charlenechavez@state.nm.uscharlenechavez@state.nm.usMarketing Consultant: Marketing Consultant: ktjnorton@comcast.netktjnorton@comcast.net