LIBOR, which stands for London Inter-bank Offered Rate, is a trademarked term that refers to benchmark short-term interest rates. It is a daily average derived from the interest rates international banks charge one another, and it is used to establish retail lending interest rates. The Wall Street Journal is a good source of current LIBOR rates.
Author Archives: Admin
2020 Economic Development Course Goes Online
Rather than cancel the annual New Mexico Economic Development Course in the face of COVID-19, organizers are pleased to announce the “Basic Course,” as it’s colloquially known, will be delivered online in 2020.
Students will begin the six-week course in mid-July via Zoom. Lectures, discussions and case studies will be conducted remotely and over a longer time frame than in previous years, allowing people who couldn’t attend in person in the past to participate from their office or home.
“We wish we were convening the course at Western New Mexico University this year, as we’ve done for decades,” course director Noreen Scott said. “With COVID-19 still such a looming threat, that’s just not possible; but we’re as resolved as ever to teach community leaders how to marshal their economies to recovery.”
Continue readingNew Markets Tax Credits Boost Tucumcari Biofuel Project
The men behind Tucumcari Bio-Energy Company are retooling an abandoned ethanol plant in this rural New Mexico town to turn manure from nearby dairies into methane for compressed natural gas vehicle fuel, food-grade carbon dioxide, and sterilized solid and liquid fertilizer.
After several years of foundational work, the startup owns the plant property. It has a business plan, engineering design, and environmental impact statement. It also qualified for $1.8 million in federal funds through the New Markets Tax Credit Program, but company vice president Steve Morgan and president Robert Hockaday haven’t heard when they will receive that money.
Continue readingLiftFund
LiftFund transforms lives by opening doors, leveling the financial playing field in…
Continue readingMEP Workshops Help New-Hires Learn Company Culture
Process Equipment and Service Company, Inc. (PESCO) in Farmington believes in making an investment in people and relationships. That’s why the 50-year-old engineering, design and manufacturing company sends its newly-hired employees to workshops offered by New Mexico Manufacturing Extension Partnership (MEP). The investment has paid off; PESCO’s more than 400 employees understand that their input is valued and small changes they identify can make a big difference in customer service and employee satisfaction.
PESCO prefers New Mexico MEP’s lean manufacturing workshop, but that’s just one training offered to businesses every month.
The core of lean manufacturing management philosophy is the idea that resources not creating value for a customer in the form of a product or service are wasted. While the Toyota Production System (TPS) is a relatively modern example of lean management, improving efficiency in the production of goods and services is a centuries-old idea.
Continue readingBusinesses, nonprofits and governments eligible for Family Friendly Business Award™
The City of Farmington and the City of Albuquerque have joined the State of New Mexico in receiving the Family Friendly Business Award™ in recognition of their family friendly workplace policies. Farmington and the State of New Mexico received Platinum level recognition (the highest), while Albuquerque was recognized at the Gold level. The awards are bestowed by Family Friendly New Mexico, a nonprofit organization that recognizes New Mexico businesses, governments and organizations that implement policies deemed friendly to working families.
Offering flexible work schedules is one method employers can support working families. Other family friendly policies include employer sponsored healthcare and retirement plans. Policies like telecommuting and job sharing have also been shown to help working families while at the same time provide employers with cost savings through lower real estate costs and reduced turnover.
In fact, studies show that employers benefit significantly when they take a family friendly approach. A recent study by Microsoft Japan demonstrated that productivity increased 40 percent after employees took advantage of an offer to work their typical weekly hours over a four-day week while still earning their five-day pay. Other research indicates that increased productivity more than makes up for the costs associated with implementing family friendly policies.
Continue readingNew Mexico Seeks Manufacturers for Mfg Day 2019
Students touring Insight Lighting in Rio Rancho. Article by Roger Makin.
Manufacturing is a key contributor to New Mexico’s economy, producing state-of-the-art electronics, industrial and residential building products, food and beverages, and a variety of everyday and seldom-seen components.
Economic developers are keen to attract manufacturers to the state because of the well-paying jobs that are created. Local leaders anticipate increased tax revenue, especially when local products are exported beyond city limits and bring new money into the community to enhance public services. Continue reading
Coworking Space Helps Vet Build Gourmet Popcorn Business
A decade ago, Roberto Mendez was broke, his real estate business wiped out by a devastating recession and his wife sidelined by a debilitating stroke. Today he runs a thriving family business built on his favorite snack food: popcorn.
“Ten years ago, life was hell,” said the owner of Albuquerque-based Cornivore. “We were trying to survive, so we would make a couple of hundred bucks here and there” selling homemade gourmet concoctions created in a kettle corn popper to friends and acquaintances.
Cornivore was a bootstrapped business, started with Mendez’s limited resources, as no one would lend to him at the time. First, he found a niche market—people willing to pay several dollars for a bag of fresh popcorn coated with natural flavors. Then he expanded his clientele beyond friends and family, experimenting with wholesaling and concession sales before landing a ready-made sales force in the fundraising market. Continue reading
Enterprise Bank & Trust
For more than 30 years, Enterprise Bank & Trust has primarily focused on serving the lifetime financial needs of privately-held Continue reading
New Mexico Communities Featured in Economic Development Course
By Paul Hamrick, Executive Director, CELab
The economic development field is rapidly changing and increasing in complexity. The New Mexico Basic Economic Development Course is designed to help community leaders understand legacy economic development approaches and become current with new program initiatives and best practices.
Held on the campus of Western New Mexico University in Silver City from July 21 to 25, the course is one of several offered by the New Mexico-based International Academy for Economic Development that prepares participants for professional certification by the International Economic Development Council.
The five-day course covers the core components of economic development, including business retention and expansion, recruitment, workforce development, real estate, finance, marketing, and ethics. Continue reading