[Congressional Record Volume 140, Number 118 (Friday, August 19, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]
[Congressional Record: August 19, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]
SANTA FE COAT CO. AND THE SBA
Mr. DOMENICI. Mr. President, today is a very special day for
Jeanette Ferrara, owner of the Santa Fe Coat Co., located on the Isleta
Pueblo in New Mexico. Today, Jeanette received the first New Mexico
loan in the Small Business Administration's Women's Pre-Qualification
Pilot Loan Program.
As the following release from the SBA will detail, the Santa Fe Coat
Co. is owned by Jeanette Ferrara, an American Indian woman who is
serving as a role model for other New Mexico businesswomen interested
in quick responses to their loan requests.
I commend the following SBA announcement to my colleagues. It is a
good example of the solid benefits available from the relatively small
women's office in the SBA. I urge my colleagues to join me in taking a
close look at the positive results we are gaining from this SBA
program.
As many of my colleagues are aware, the administration reduced
funding from $2 million in fiscal year 1994 to $500,000 for fiscal year
1995. The conference report we are sending back to the President
includes $4 million for next year's efforts to build women-owned
business in America.
The announcement follows:
Small Business Administration,
Albuquerque, NM, August 19, 1994.
first loan made through the sba women's pre-qualification pilot loan
program
Albuquerque, NM.--Tom W. Dowell, District Director of the
New Mexico Small Business Administration (SBA), announced
today that the first SBA's Women's Pre Qualification Pilot
Loan in New Mexico has been made through First Security Bank.
Jeanette Ferrara, owner of the Santa Fe Coat Company is the
recipient of the ``first loan'' through this new pilot
program that began in New Mexico on June 1, 1994.
The Women's Pre-Qualification Pilot Loan Program is
designed to streamline the application process and provide a
quick response to a non-profit intermediary for loan requests
of $250,000 or less to women owned (51% or more) and managed
businesses. It focuses on the character, credit, experience
and reliability of the applicants. ``During the first few
weeks that the pilot program has been in place our office has
had many inquiries,'' Dowell states. ``We hope to approve
additional loans through this program and our existing 7(a)
guaranteed loan programs in the near future.''
Under this SBA program, a women works with a participating
non-profit intermediary agency. These intermediaries assist
the businesswoman complete a loan application after
a complete analysis of the business owner's business plan
and loan proposal is made to determine if client meets the
SBA's loan criteria. The intermediary submits client's
loan application to SBA. The loan application is reviewed
by SBA and if eligibility criteria and requirements are
met, SBA issues the client a ``pre-qualification letter''
stating that SBA is willing to guarantee this loan
request. The client can then take her loan packet which
includes the SBA pre-qualification letter, business plan
and loan proposal to a commercial bank of her choice for
submission to SBA. New Mexico non-profit intermediaries
participating with SBA on the Women's Pre-Qualification
Loan Program include the 17 New Mexico Small Business
Development Centers, New Mexico Native American Business
Development Center, Enhancement Certified Development
Company, Albuquerque Hispano Chamber of Commerce and the
Women's Economic Self-Sufficiency Team (WESST Corp).
Jeanette Ferrara, owner of Santa Fe Coat Company, submitted
her loan application to SBA through the New Mexico Native
American Business Development Center, one of the non-profit
intermediaries participating in this SBA program as a loan
packager. In addition to the loan through First Security Bank
Jeanette Ferrara received an Indian Business Development
Grant from the Bureau of Indian Affairs to start her
business. The Bureau of Indian Affairs makes available to
eligible tribal members the development capital needed to
finance projects on Indian reservations. In addition Ms.
Ferrara has received a technical assistance grant from the
American Indian Consultants, Inc., U.S. Department of
Commerce, to provide marketing services for Santa Fe Coat
Company.
Santa Fe Coat Company is an American Indian owned apparel
design, manufacturing and wholesaling business, located at
Isleta Pueblo, a village that lies 23 miles south of
Albuquerque, New Mexico. Santa Fe Coat Company specializes in
American Indian custom designed women's coats, and its
concept is to produce Indian designed clothing from drawing
room to the finished product.
The collection is comprised of natural fibers, such as
luxurious wool, cotton and high grades of leathers. Each
garment is complimented with Indian silver buttons. This
upscale contemporary fall collection has the elements of the
American Indian influence and accents. This means that
colors, symbols, leather, fringe and Indian buttons are the
focal points of the collection and Ferrara has the education
and experience in apparel, design, manufacturing and
wholesaling.
Debuting as a ``limited edition'', the dinner coats, shawl
coats, car coats and three button vests are manufactured at
Isleta Pueblo. Each of these garments are reversible, giving
the consumer two beautiful designs. Garment tags are tied to
a corn husk bow and are placed on the front of the coat and
features a storyline of the Native American Indians of Isleta
Pueblo. Santa Fe Coat Company manufacturers in pueblo because
the Pueblo has produced creative and high quality designs for
generations such as pottery, jewelry and textiles. Santa Fe
Coat Company wishes to continue that tradition and heritage
developed over the generations by producing a more
contemporary, yet timeless line of coats.
Looking towards the immediate future, Santa Fe Coat Company
intends to produce other types of upscale clothing apparel.
Ms. Ferrara may be reached by writing to Santa Fe Coat
Company, P.O. Box 338, Isleta, New Mexico 87022.
Additional information on the SBA programs and services can
be obtained by contacting the New Mexico SBA Office at 625
Silver Avenue, SW, Suite 320, Albuquerque, New Mexcio
87102.
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