The New Mexico Economic Development Department sends a weekly email containing a wide range of capital sources and opportunities, many of which are narrow in scope. If you are a community planner, organizer, or leader, the list may contain something relevant to you. See the Dec. 18, 2020 list and click here for the weekly email archive and recent NM EDD webinars.
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LiftFund offers loans to businesses in Southern New Mexico
LiftFund, a nonprofit Community Development Financial Institution, is now offering business assistance and loans to small businesses in the southern part of New Mexico. And last August, the microlender began a partnership with the City of Las Cruces to provide virtual workshops to help businesses through the pandemic.
Continue readingNM CARES Act grant program guidelines announced
The NM Finance Authority has announced guidelines pertaining to the Small Business CARES Act grant program that was authorized by the New Mexico Legislature during the second special session of 2020. The guidelines make clear that time is of the essence. Applications will only be accepted until 12:00 noon MST Friday, Dec. 18. The Finance Authority anticipates opening the application process the week of Dec. 7, giving it just 11 days to allocate the entire $100 million fund.
Continue readingLISC Rural Relief Small Business Grants
LISC, a national nonprofit, is offering grants to small businesses located in rural areas defined as communities with a population of 50,000 or less. Applications will be accepted until December 6 at 9:59 pm MST. Read eligibility and apply here.
The Loan Fund reaches new heights
The Loan Fund, a nonprofit CDFI, has awarded 67 loans since January 2020, forty-four of which have gone to minority-owned businesses. In its 31 years, the organization has made over $100 million in loans to New Mexico small businesses, entrepreneurs, and nonprofits that were typically unable to obtain financing through traditional lending sources. Those loans and lines of credit have helped create more than 11,500 jobs across the state.
Continue readingCreative Startups LABS Pre-Accelerator for Northern New Mexico Food Entrepreneurs
Now accepting applications. Program designed to move food entrepreneurs from early concept into the market.
Virtual Event: Reimagining the New Mexico Food Economy
1:00 – 5:00 pm Dec. 1, 2020
Free event featuring organizations that are leading the way in changing policy and building programs and resources.
The Flavor of Success
Carla Gallegos-Ortega’s homemade salsa were a hit with family and friends for as long as she can remember. In 2017, she entered the Salsa Festival in Albuquerque’s Old Town and enlisted her daughter and a few friends to help her produce 16 gallons of salsa in an outdoor tent.
She left that festival with an award and the ambition to become a food entrepreneur.
Later that same year, she discovered The Mixing Bowl, a commercial kitchen that offers a food-business incubation program and hourly kitchen rental. By June 2018, Gallegos-Ortega had a license for her business, New Mexico Sabor; a health department permit; training in best practices; and membership at the commercial kitchen.
Continue readingBusiness Support for Veterans
New Mexico is home to more than 135,000 veterans, and almost half of them are under the age of 65. For those former service members interested in operating businesses, nonprofit organizations and state and federal agencies can help with business formation, certification, and contract acquisition that levels the playing field for vets that have spent their careers out of the private sector.
Veterans come to the private-sector workforce with a lot to offer, including advanced training in specialized fields such as logistics, security, information technology, personnel management and administration. They understand the complexities of doing business with the U.S. government and the importance of following instructions and protocol. They appreciate the need for teamwork and leadership, and they work well under pressure. In other words, veterans have the skills needed to start and manage a business.
Continue readingRelationships are key to successful economic development projects
Medlin Ramps of California wanted to establish a presence somewhere between its North Carolina and West Coast facilities. After visiting relatives in Alamogordo, the company CEO inquired about potential local properties and financial incentives.
Laurie Anderson, executive director of the Otero County Economic Development Council, acted quickly to demonstrate Alamogordo’s business readiness. Working with local connections, she and her project team helped the company transform an abandoned and derelict Walmart building into a 30,000 square foot facility that began manufacturing industrial ramps in February 2020.
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