Whether you are an experienced business owner or an entrepreneur just starting out, Ricardo Manero is here to serve you!
We work with people who have great ideas, but cannot access traditional financing. Our lenders are highly skilled and experienced in community development; we work closely with referring banks to empower local economies, helping entrepreneurs get started, and existing businesses expand. Our clients own restaurants, art galleries, school buses, trucking companies, flower shops, assisted living facilities, and more!
What types of loans does Ricardo Manero offer?
Ricardo Manero offers loans for:
- Small businesses
- Start up businesses
- Nonprofit organizations
- Business Lines of Credit
We DO finance:
- Equipment
- Inventory
- Consumer loans
- Building renovations
- Operating capital
- Business expansions
We DON’T finance:
- Liquor
- Weapons
- Recent bankruptcies
- No collateral
Does Ricardo Manero offer personal or individual loans?
No.
Who Qualifies?
Owners of established businesses and individuals who want to start their own business. You may qualify if you:
- Have a reasonable credit history
- Can demonstrate your ability to repay the loan
- Can offer acceptable collateral
Does Ricardo Manero offer grants to small businesses or start-up businesses?
We do not offer grants; all our loans must be repaid.
What are the typical loan terms, interest rates, and repayment plans?
Ricardo Manero offers flexible payment schedules, and we review each loan application on a case-by-case basis.Our typical loan rates and terms are:
- Interest rates: 7-10%
- Amount: $5,000-$500,000. Higher dollar amounts available on case-by-case basis.
- Terms: 1 to 10 years for most; 15-20 year amortizations for real estate-based loans.
- Fees: For loans up to $100,000, 2% of the loan amount
- For loans greater than $100,000, 1.5% of the loan amount
- For lines of credit, 2% of the loan amount
- For 504 loans, 2% of the loan amount
How do I get started?
- To talk with one of our loan officers, call us at (505) .
- If you are ready, apply now.
- Process:
- Talk with us!
- Gather and submit the appropriate documents- financials, business plan, etc.
- Underwriting
- Loan closing
How long does it take to get a loan?
The length of the loan process varies based on when your loan officer receives the appropriate documentation. Typically, it takes three to four weeks to close the loan once all information is received.
What if I want to pay more than my monthly payment? Pay off my loan early?
There is no penalty for either.