La Luz microloan program paying off

Noemi Vasquez, center, is the first participant of the La Luz Microloan Program to pay off one of the low-interest loans available to boost small business in the Springs. Joining her at a breakfast celebration at La Luz are Donna Halow, chair of the loan committee, and Simon Blattner, who funded the program with his wife Kimberly. A part-time seamstress, Vasquez used her loan to buy an industrial sewing machine and now has her own business.

The microloans – guaranteed by the Blattners seed money through La Luz and administered at no extra charge by Exchange Bank – are meant for small businesses that would not otherwise qualify for a loan. A good relationship with lenders helps build credit and future security, Simon Blattner said.”It levels the playing field.”

Loans of $2,500 to $10,000 have been made to a restaurant, wholesale baker, and an auto repair shop, in the Springs and beyond.

La Luz is looking for more loan applicants, and more funders to help expand the program.