Author Archives: Admin

The Loan Fund Helps Launch In-Home Care Service

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Joe Justice

Joe Justice, Community Development Officer, The Loan Fund

Leslie Van Pelt knew she wanted to do some type of work that improved people’s lives when she visited the Albuquerque offices of Comfort Keepers, a national for-profit company that provides in-home nonmedical care to the elderly and other adults recovering from illness and injuries. What she saw persuaded Van Pelt, co-owner of Cutlery of Santa Fe, to begin searching for funding to open a Santa Fe franchise.

Van Pelt already had a home equity line of credit, but she needed more money to launch the franchise. Her inquiries led her to The Loan Fund, an alternative lender that provides capital to businesses and nonprofits in New Mexico.

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Fabricator Has Long-Term Commitment to Lean Manufacturing

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Jennifer Sinsabaugh

Jennifer Sinsabaugh, Operations Director, NM MEP

When David Smith, owner of Taycar Enterprises in Albuquerque, phased out the use of paper in his sheet metal fabrication and assembly plant, it pushed some office workers beyond their hard-copy comfort zones.

Going paper-free was just one part of Smith’s efforts to bring the principles of lean manufacturing to the business his father started in 1983, but it was harder than the changes he instituted to make his job shop operate more efficiently. Now the business stores all its records electronically and conducts all its correspondence by email.

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WESST Offers Global Program to Home-Grown Businesses

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By Julianna Silva, Albuquerque Regional Manager, WESST

By Julianna Silva, Albuquerque Regional Manager, WESST

WESST brings a global business initiative to New Mexico in a five-part series of workshops designed to empower small-business owners to make sound financial decisions.

HP Learning Initiative for Entrepreneurs — or HP Life — is a global program sponsored by Hewlett Packard that trains the owners of microenterprises to apply information technology and business skills to establish and expand a job-creating venture.

WESST sponsors the workshops at its Albuquerque Enterprise Center.

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B&I Loans Help Rural Communities

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Mike Hoyl

Mike Hoyl, Senior VP, Western Commerce Bank in Lovington

You don’t have to live off the map to qualify for a U.S. Department of Agriculture Rural Development loan in New Mexico.

Most of the state is considered rural for the purposes of this economic development program, which can back loans as high as $25 million to qualifying ventures in towns with 50,000 or fewer people. That excludes only Albuquerque, Rio Rancho, Bernalillo, Las Cruces and Santa Fe, while towns close to these metro areas easily qualify.

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Business Plan

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A document that spells out a company’s expected course of action for a specified period, usually including a detailed listing and analysis of risks and uncertainties. For the small business, it should examine the proposed products, the market, the industry, the management policies, the marketing policies, the production needs and the financial needs. Frequently, it is used as a prospectus for potential investors and lenders.

Angel Investor

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Angel investors are usually high-net-worth individuals who make direct equity investments in companies. (See Equity capital)

Identity Theft Victim Gets Accion Loan to Start Educational Nonprofit

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Edwin Rios

Edwin Rios, Loan Assistant, Accion New Mexico – Arizona – Colorado

Mark Medley was working with a business consultant to recover from identity theft when he heard about Accion New Mexico–Arizona–Colorado. What Medley learned while trying to repair his credit prompted him to start a nonprofit — ID Theft Resolutions — to help others protect themselves from identity thieves and to rebound as quickly and completely as possible if their efforts fail.

Medley got a loan from Accion to help him get the nonprofit going after obtaining his designation as a 501c(3) nonprofit. Accion offers loans as small as $200 and as large as $300,000 to people who might otherwise be turned down by lenders because they are a startup or have credit problems.

Medley qualified in both cases: His credit score was destroyed by identity theft and his nonprofit was the equivalent of a startup.

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Quest for Perfection Can Be Profitable

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Jennifer Sinsabaugh

Jennifer Sinsabaugh, Operations Director, NM MEP

New Mexico businesses that want help becoming more efficient frequently call on the New Mexico Manufacturing Extension Partnership — a nonprofit agency of the U.S. Commerce Department that helps small and mid-sized U.S. businesses create and preserve jobs, become more profitable and save time and money. In New Mexico, where most businesses are small, MEP services are used by doctors’ offices, machine shops, small farms and agricultural operations, and businesses that serve the oil and gas industry.

MEP uses multiple techniques to help businesses increase profits by standardizing production and administration to provide continuous improvement that eliminates waste and strives for perfection.

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