ALBUQUERQUE, N.M. — Cervantes Food Products Inc. will move its chile sauce and salsa business next year from a 2,000-square-foot manufacturing space in Albuquerque to a custom-built, 6,000-plus square foot facility in Los Lunas.
A $280,000 loan from local microlending organization Accion allowed Cervantes’ owners, Arian and Richard Gonzales, to buy property this year in Los Lunas. The couple is now working with Accion and Nusenda Credit Union to obtain $750,000 to build the facility, which they hope to open early next year.
The latest Accion loan marks the third time the Cervantes owners have turned to the microlender to help expand their business. They received two smaller loans of $12,000 in 2011 and $50,000 in 2013, both of which are repaid.