The Los Alamos Chamber was quick to move on making funding available to cover the interest cost for members needing lines of credit in the wake of the Las Conchas fire.
The Chamber funding together with low interest loans offered by member banks such as LANB meant that businesses could quickly access cash for short-term needs without having to consider the effect of interest costs on their future operations. More than 30 businesses and organizations borrowed more than a half million dollars under the program.
A similar intiative after the Cerro Grande fire lent more than $2M. “This initiative came out of what we learned from Cerro Grande,” says Chamber Executive Director Kevin Holsapple.
“There was a need to make it as easy as possible for businesses to make the decision that they were going to do the things that would be needed to resume business. The business shutdowns forced by the evacuations put extra stress on businesses and our goal was to help relieve a bit of that.”
The Chamber tapped emergency funds to implement the program, and will be seeking ways to replenish the fund.
If you can help with that, please contact Kevin Holsapple at 661-4806.