ABQ partners with nonprofit for business loans

ALBUQUERQUE, N.M. (AP) — The city of Albuquerque has partnered with a nonprofit to introduce a financial assistance program for small and local businesses along Central Avenue. The program is called Central Loan Fund and it currently has $700,000 in donations. The fund will give low-interest loans of up to $15,000 for businesses who qualify. If recipients of the loans meet certain conditions, their loans could be forgiven. The city says the program hopes to meet the growing needs of Central Avenue's most vulnerable businesses impacted by the construction of a public transit project. Business owners who get the loans can use them to pay for basic expenses, payroll, inventory, rent, utilities, taxes, marketing and insurance.