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Sandra Monica has a passion for working with children. That’s why after 15 years as an employee, Monica decided it was time to start a day care center of her own.
Starting out was no easy task, but with her husband’s support and financing from The Loan Fund, Monica opened Kid’s Castle Child Development Center in Las Cruces.
The center offers early education to children six weeks to 12 years of age. Kid’s Castle serves more than 100 children and employs approximately 25 full-time teachers.
After approaching several lenders, the Small Business Administration referred Monica to The Loan Fund. “If it wasn’t for The Loan Fund, I wouldn’t have been able to start up,” Monica said.
The Loan Fund is an alternative lender, founded in 1989 with a $70,000 investment from the Michigan-based Adrian Dominican Sisters.
Today it is a non-profit organization with $16 million in assets and a loan pool from sources as diverse as state and federal agencies, banks, individual donors, and faith-based organizations.
In 2010, The Loan Fund reached several significant milestones when it surpassed $41.5 million in loans to more than 1,200 New Mexico clients that created or preserved 6,000 living-wage jobs.
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