JTIP Supports Job Training

The state’s Job Training Incentive Program (JTIP), one of the most generous in the country, funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to 6 months. The program reimburses 50-75% of employee wages after all employee training has been completed.

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Conference Highlights Automation Technology

Manufacturers and makers interested in exploring automation technology can attend the Advanced Manufacturing Summit on Thursday, March 30, 2023, at the Indian Pueblo Cultural Center in Albuquerque. The event aims to introduce New Mexico’s businesses to Manufacturing 5.0 — the concepts and technologies that are increasing the competitive edge of U.S. manufacturing.

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Newest BizSprint Targets San Juan County

Arrowhead Center at New Mexico State University has added a Farmington-region BizSprint to its lineup of business accelerator programs. BizSprint San Juan is accepting applications until April 4, 2023, from entrepreneurs, owners, and team members of businesses in San Juan County.

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Lenders Tailor Credit to Specific Needs

David Valdez, Vice President Small Business Lending, Century Bank

One loan isn’t the same as another when borrowing money to build or sustain a business. Lenders act as matchmakers, fitting business owners with the type of credit they need for specific business needs.

Most traditional and nonprofit lenders offer a menu of loan options tailored to an entrepreneur’s individual circumstances — his or her credit history, cash flow, collateral, capacity, and capital. The loans can be conventional, or they can be guaranteed with backing from the U.S. Small Business Administration if the business would otherwise have a hard time qualifying for a conventional loan and the owner needs more flexible loan terms, such as a longer repayment schedule and less stringent collateral requirements. When a bank is unable to lend to a business, loan officers typically refer the business to a nonprofit lender that offers business consulting as part of the loan package.

If a business needs money for working capital, an ideal product is a revolving line of credit, said David Valdez, a small business/commercial lender at Century Bank’s Santa Fe office. “The business uses the line when cash coming in is slow and pays it down when the cash is flush.”

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Albuquerque Tourism Grants

The Albuquerque Tourism Marketing District (ATMD) is offering grants of up to $50,000 to businesses and nonprofits with projects that create experiences, improve or develop infrastructure or grow arts and culture programs. Applicants must be located in New Mexico and registered as a federally recognized for-profit or nonprofit entity.

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How to Sell to the Government

The federal government aims to award at least 5 percent of all federal prime contracting dollars to women-owned small businesses and 12 percent to small disadvantaged businesses. The State of New Mexico gives New Mexico resident-owned businesses preference in state contracts. Ready to get started selling to the government?

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TEAM Fund Now Accepting 2023 Applications

The Regional Development Corporation’s Technology and Manufacturing (TEAM) Fund, a no-interest loan program that offers loans of up to $20,000, is accepting applications until March 17, 2023.  The fund is open to technology and manufacturing companies headquartered in one of seven Northern New Mexico counties, which include Los Alamos, Mora, Rio Arriba, San Miguel, Sandoval, Santa Fe, and Taos. Applicants must attend a March information session.

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Customer Service and MEP Support Growth of Farmington Engraving Business

Bonnie Cummings sees similarities in the health care she provides as a registered nurse and the customer care she offers as the owner of Third Axis Custom Engraving. The Farmington business owner imparts knowledge and creativity to help customers — and patients — achieve their goals.

Cummings spent 13 years working full time at a local hospital before transitioning to part-time and starting the engraving business in late 2011 from a kiosk at the Animas Valley Mall. Four months later she rented a building nearby and added a second laser engraving machine, expanding her engraving and cutting capabilities to wood, aluminum, leather, cork, and granite. Another move took the business downtown, where Cummings had space for additional machines and three employees to help operate them.

With expansion, Cummings was able to do what she likes most:  provide creative ideas for awards and recognition for schools, businesses, events, memorials, and special occasions.

Cummings sought help navigating the rapid growth of her business from the Business Enterprise Center at San Juan College. An advisor there introduced her to New Mexico Manufacturing Extension Partnership, a nonprofit organization that helps businesses transform their operations to increase productivity and profit through lean manufacturing concepts.

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Learn How to Find Mentors and Opportunities

Part two of the 2023 Women’s Entrepreneurship Symposium series will address the importance of mentors and how building a reliable network can impact growth, opportunities, and success. The event takes place online on March 15. This is the second of three events in the women’s symposium series hosted by the US Patent & Trademark Office.

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