While countless organizations fought for survival in 2009, Enchantment Land Certified Development Company (ELCDC) focused on its mission: stimulate the economical development of New Mexico and in El Paso County, Texas.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, 2009 ended with an unemployment rate of 10.0% nationwide in December. In the most recent numbers posted in November for New Mexico, that rate was slightly lower than the national average at 7.8%.

Yet despite the downward trend in employment experienced nationwide in 2009, ELCDC continues to help create/and or retain jobs in New Mexico and El Paso County, Texas, by providing financing to small businesses through the SBA 504 loan.

To date, ELCDC has approved over $286 million dollars in business financing projects around the state resulting in the creation and/or retention of 11,534 jobs.

ELCDC partners with local banks and non-bank lenders to provide SBA 504 loans to finance new or existing businesses. The way the 504 program is structured, every project involves a first mortgage from the bank or non-bank lender (usually 50%), a second mortgage 504 loan (usually 40%), and a minimum 10% down from the small business.

In 2009, ELCDC provided SBA 504 loans to small businesses such as furniture stores, home healthcare provider, auto repair shops, motels and doctors’ offices.

504 loans provide small business owners the means necessary to get their businesses off to a strong start with low down payment, fixed rate, long term financing. ELCDC serves as a private, non-profit certified development company authorized by the U.S. Small Business Administration to provide access to these loans to New Mexico and El Paso County, Texas.

ELCDC plans to continue to positively impact economic efforts in 2010 by promoting economic development and growth of the small business community and increasing private sector employment opportunities for the people within its area of operation.