Federal Reserve Wants to Hear From New Mexico Businesses

By Finance New Mexico

The Federal Reserve Bank of Kansas City wants to hear from small businesses in New Mexico about the experiences they’re having in the credit market.

Every year, most banks in the Federal Reserve system’s 12-bank network participate in a national Small Business Credit Survey to get the data they need to provide policymakers, business representatives and service providers with up-to-date information about business financing and credit conditions. Northern New Mexico falls under the jurisdiction of the Kansas City district, while Southern New Mexico is under Dallas’ district umbrella. Continue reading

Economic Development Mandates Drive State’s Nonprofit Lenders

By Russ Cummins, Executive Director and Investment Advisor, New Mexico Small Business Investment Corporation

Economic development is what motivates New Mexico’s nonprofit lenders: The Loan Fund, Accion and WESST. All three organizations promote grassroots economic development by lending money to businesses that need cash to get started or to expand.

Designated by the U.S. Department of the Treasury as certified community development organizations (CDFIs), they support economically disadvantaged communities and provide loans to small businesses that lack access to traditional funding. Funding for these loans is provided by the New Mexico Small Business Investment Corporation (NMSBIC). The Legislature created NMSBIC 15 years ago to generate new job opportunities and support new or expanding businesses in New Mexico. Continue reading

Value Stream Mapping Boosts Productivity for Awning Maker

Rader Awning shade sails

Rader Awning shade sails; courtesy Rader Awning

Sometimes it just takes a fresh perspective — and expertise in lean manufacturing — to help a respected manufacturer streamline productivity and increase profitability.

The owners of Rader Awning & Upholstery Inc. requested that type of feedback when their 70-year-old company, New Mexico’s leading supplier of quality custom awnings and shades, faced challenges satisfying growing demand. Continue reading

Aztec’s Retail Incubator Aims to Nurture Downtown

By Finance New Mexico

The incubator's first tenant, 550 Brewing; photo courtesy 550 Brewing

The incubator’s first tenant, 550 Brewing; photo courtesy 550 Brewing

Aztec isn’t the only town in New Mexico whose residents want a vibrant and stable downtown business district, but it’s one town where leaders are moving forward with plans to create that environment.

Spurred by the city’s economic development advisory board, the Four Corners community is opening a retail incubator in a downtown building to nurture fledgling businesses until they’re ready to stand on their own.

The Aztec Business Incubator (also called the Aztec Business Hub) will host businesses in various stages of development and provide member businesses access to the expertise of service providers from the Small Business Development Center, WESST, New Mexico Manufacturing Extension Partnership, Four Corners Economic Development and the San Juan College Enterprise Center. A representative from each of these organizations will staff the hub one day a week. Continue reading

A Month for Manufacturing: New Mexico Stretches out Mfg Day Celebration

By Finance New Mexico

Manufacturing Day 2015 tour at Santa Fe Spirits

Manufacturing Day 2015 tour at Santa Fe Spirits; photo by Jane Phillips

Manufacturing is so important to New Mexico that sponsors of this year’s statewide Manufacturing Day (Mfg Day) celebration are dedicating the entire month of October to raising public awareness and appreciation of this bedrock industry.

Aside from organizing the facility tours that have been central to New Mexico’s participation in the nationwide event since 2013, the New Mexico Manufacturing Extension Partnership (MEP) is collaborating with maker spaces, museums, schools and youth groups to develop interactive activities to inspire young people to pursue manufacturing careers. Continue reading

New Mexico Employers Should Plan Now for New Overtime Rules

By Randy S. Bartell and Randi N. Johnson, Montgomery & Andrews, PA, Employment Law Group

flsa-overtime-graphicbyfnmAbout 20,000 salaried “white-collar” employees in New Mexico might be eligible for overtime pay in 2017 when an amendment to the Fair Labor Standards Act (FLSA) takes effect the last day of this year.

The U.S. Department of Labor in May published its final rule revising the FLSA’s overtime exemption regulations. The most significant change was to the minimum salary levels that salaried employees must be paid to be considered exempt from federal overtime requirements. Continue reading

Multigenerational Workforce Can Be Greater Than the Sum of Its Parts

By Finance New Mexico

Multigenerational workforceThe generation gap of the early 21st century is different than the one that led sociologists to coin that term in the 1960s, when young adult baby boomers were advised not to trust anyone over 30.

Today’s workplace might include people in their late teens up to their 70s. Managing that multigenerational mélange presents many of the same challenges as managing a multicultural one, but it also offers a rich resource for businesses that understand the strengths and benefits of diversity and appreciate that every employee, regardless of age, wants to work with others toward a common goal and feel productive and valued. Continue reading

Relationship Figures Big in Six-Year Journey to Start Pet-Care Business

Photo courtesy Pet Planet Hotel and Day Camp

Photo courtesy Pet Planet Hotel and Day Camp

By Finance New Mexico

By the time they had adopted seven dogs from friends and neighbors, David and Juliana Garcia concluded that Las Cruces sorely needed a business that served animals and the people who love them.

The couple bought a van with their savings to start a mobile grooming business for large pets. By the time they were ready to buy a second van to accommodate their growing client base, the Garcias were thinking about opening a hotel and day camp, with spa services on the side, for dogs and cats. Continue reading

Entrepreneurs Work Together to Get Help From Lab-Affiliated Program

By Finance New Mexico

Greg Scantlen, Chuck Bulow, and Paul Saxe

Left to right: Greg Scantlen, Chuck Bulow, and Paul Saxe

Entrepreneurs Greg Scantlen, Paul Saxe and Chuck Bulow depend on high-speed, sophisticated computers to run their individual businesses. And even though they’re developing different products, the trio decided to apply collectively for free technical assistance from scientists at Los Alamos and Sandia national laboratories through the New Mexico Small Business Assistance (NMSBA) program.

Scantlen owns CreativeC, a Los Alamos and Albuquerque company that works with graphic processing units (GPUs) — chips composed of thousands of parallel processing threads that can process multiple calculations simultaneously at computing speeds about 100 times faster than the traditional central processing units (CPU) used by most home computers. Continue reading

LEDA Program Boosts Local Economic Development

By Finance New Mexico and William Fulginiti, Executive Director of the New Mexico Municipal League

Tucumcari’s Odeon Theatre, which received funding in 2015

Tucumcari’s Odeon Theatre, which received funding in 2015

The City of Tucumcari generates $110,000 each year for economic development projects from a local tax on gross receipts, and the community gets lots of mileage from it.

In 2015, the city collaborated with the Greater Tucumcari Economic Development Corporation to invest locally generated tax revenue in four private projects through a process allowed by the Local Economic Development Act (LEDA). Continue reading