ESPANOLA ― The Regional Development Corporation (RDC), a private non-profit organization dedicated to improving economic development in Northern New Mexico, has announced its Technology and Manufacturing Fund (TEAM) loans for 2019.
The TEAM fund is a no-interest loan fund available to technology-based and manufacturing companies, which is part of the RDC’s Business Retention & Expansion program. The fund supports growth-oriented companies who are on track to add jobs, grow revenues, and attract additional funding/investment.
These companies have already secured or have a way to secure matching funding needed from other sources. Companies selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.
“As an organization dedicated to improving economic development in Northern New Mexico, we are excited to offer these funding opportunities to small businesses in the region,” RDC Executive Director Val Alonzo. “We were very encouraged to have numerous applicants from businesses who could benefit from this type of resource and use the funds to create jobs.”
2019 RDC TEAM Loan Recipients:
- Alterations and More, Inc – A clothing alterations business that provides alterations and embroidery services of all types to men and women. The TEAM fund award will be used to purchase new high-end embroidery equipment, software, training, and installation.
- Chronicle Cremation Designs, LLC, dba Parting Stone – Parting Stone empowers people in their grief by designing gateways to meaningful experiences around death. TEAM Funds will be used to purchase additional equipment and to assist with the creation of a wholesale service model. https://partingstone.com/
- GoLightly Cashmere, LLC – A cashmere knitwear manufacturing company. TEAM funds will be used to assist with the purchase of a new knitting machine that will increase creativity and throughput and bring 100% of the company’s manufacturing to Santa Fe. https://www.golightlycashmere.com/
- Mezel Mods – A design house and manufacturer using 3D printing and internal R&D to make accessories and replacement parts for pinball machines. TEAM funds will be used to purchase new 3D printing equipment and on redesign and outfitting of their factory. www.mezelmods.com
- Patrick’s Fine Foods – Manufacturer of probiotic sparkling waters designed to replace sugary drinks and mixers with great tasting, low sugar alternatives. TEAM funds will be used to purchase a refrigerated delivery truck and new bottle-filling equipment. www.patricks.fun
- TruNet, Inc. – Provider of IT Services and Sales to a variety of clients in the commercial, tribal government, non-profit, and home user market. The TEAM funds will be used to expand and become an Wireless Internet Service Provider in the Espanola Valley and surrounding areas. www.trunetinc.com
TEAM Funds are awarded through an annual competitive process and are not available for general development work, general working capital, or salaries. Applicants must have a specific project in mind with well-defined goals, and tasks that can be completed within six months from the contract date.
Applications are reviewed by an independent review panel, and selected finalists are required to present to the panel. The review panel then makes recommendations to the RDC. The RDC stays in touch with applicants and awardees, offering one-on-one technical services and connecting businesses to additional resources and other funding options.