By Russell Cummins, Executive Director, New Mexico Small Business Investment Corporation
The owners of Montoya Transportation in Silver City, Enchanted Smiles in Belen and Santa Fe Thrive in New Mexico’s capital city run vastly different businesses in separate parts of the state. But each of these entrepreneurs has borrowed money from the pool of capital managed by the New Mexico Small Business Investment Corporation (NMSBIC) and made available to borrowers through NMSBIC’s network of lenders.
Loans similar to these are among the 473 approved in the fiscal year that ended June 30. Those loans, totaling $8.1 million, supported 1,308 jobs throughout the state. Continue reading
By George Kenefic, Director of Enterprise Empowerment, The Loan Fund
About a year after she had secured a small-business startup loan through The Loan Fund, Deborah Grossman got a visit from two consultants who work for the nonprofit lender. The pair — Joaquin Amador and Andrew Carrabus — dropped by Grossman’s Santa Fe store, Yarn & Coffee, to ask if she needed help with marketing, financial record keeping or any of the other tasks involved in starting and sustaining a business.
The timing was fortunate. “I was trying to figure out how to get more people in the door,” Grossman said of her shop, where people can buy yarn, knitting and crocheting tools and accessories, patterns and books or take a needle-craft class — and enjoy a cup of coffee, tea or cold drink at the same time. Continue reading
By Justin Hyde, Accion Market Manager
Cathy Schueler approached Accion, a nonprofit lender, in 1996 to secure her first business loan for her nascent business — a microloan of around $3,000 — to buy equipment and supplies for her private psychotherapy practice in Rio Rancho. At the time, Schueler was a sole proprietor who wanted to build her new business.
By the time Schueler returned in 2015, she was planning to purchase a home for her thriving S corporation, Bosque Mental Health, in central Albuquerque.
“Cathy’s a great example of how a client can grow with us,” said Metta Smith, vice president of lending and client relations. Continue reading
By Claudia Infante, Projects Coordinator, New Mexico Manufacturing Extension Partnership
While emerging economies get a lot of buzz for their growing role in manufacturing, America remains a global leader in product innovation and fabrication. To draw attention to the industry’s continuing contributions to the domestic and world economies, the nation’s manufacturers invite the public once a year inside the 21st century “factory.”
Manufacturing Day began in 2012 as a coordinated industry effort to generate interest in manufacturing careers. At the time, U.S. manufacturing was in the second year of record job growth — a pace last seen in the 1990s — that added more than 700,000 jobs by 2015. Continue reading
At some point in the life of most businesses, finances become complex enough that the owner decides to delegate financial oversight to someone with the training and expertise to provide more than basic bookkeeping or tax preparation services.
If the business is being audited, for example, the owner might hire an enrolled agent to represent it. Enrolled agents are tax-law experts authorized by the U.S. Treasury Department to advise and represent individuals, businesses and other organizations in such situations. Continue reading
By Amy Lahti, Consultant and Trainer, WESST
Entrepreneurs and owners of small businesses are accustomed to doing everything it takes to move their business forward. But there comes a time when even the most efficient entrepreneur must call in help. For most startups and small businesses, hiring workers is the only path to growth.
Many early-stage entrepreneurs outsource work or find contract employees among friends and family. Even if a first employee is a friend of the owner, the business is subject to the laws governing employee-employer relationships as soon as the first paycheck is written. If the business thrives, the first employee will be one of many workers hired in the life of the business. Continue reading
By Finance New Mexico
If you’ve ever had to pitch a business or product idea to an investor or potential partner, you know the presentation can make or break the deal.
Because the stakes can be high, serious entrepreneurs quickly learn what to avoid when giving a presentation, whether it’s a 30-minute speech before a peer group or six-minute proposal to Demo Day investors. Continue reading
By Kathleen Gardenswartz, marketing and curriculum director, ABQid
Trish Lopez is restless, and she has every reason to be. She has spent the last three months in the ABQid accelerator program, testing assumptions, talking to hundreds of users and customers, building a website and logo — all while tenaciously driving her startup, Teeniors, forward.
Lopez’s natural charisma makes the program’s required networking effortless, but it’s Teeniors’ mission — to match tech-savvy teens with seniors who need help using technology to connect with loved ones — that is motivating this intergenerational solution. Continue reading
By Patricia West-Barker for Finance New Mexico
Unless you are an entrepreneur laboring alone in your garage, your company’s success may depend largely on the quality of the team you’ve assembled to conduct your business—whether that team is made up of two, 20 or 200 people.
To find out what makes high-performing teams tick, MIT’s Human Dynamics Laboratory monitored the communications of large numbers of people as they went about their work. The study, published in the Harvard Business Review in April 2012, found that “communication plays a critical role in building successful teams.” Face-to-face interactions (versus email, phone and text) were extremely important, as were the frequency of non-work related conversations. Continue reading
By Finance New Mexico (reviewed by Terry Brunner, state director of USDA Rural Development)
The U.S. Department of Agriculture has lots of resources for New Mexicans who keep bees for profit — and those who have lost hives to colony collapse.
The federal programs aren’t designed for hobbyists who want to help a critical species, but even small-scale beekeeping operations can qualify for assistance building and protecting their businesses. Terry Brunner, state director of USDA Rural Development, urged beekeepers to research the following programs: Continue reading