Clearinghouse CDFI is a direct lender financing projects that…
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Gallup Bakery Thriving
A book changed Jacqueline Ahasteen’s life. As a teenager, she stumbled across a culinary arts encyclopedia that had belonged to her father, and she was captivated by words and images so vivid that she could almost taste the wonders they described. Smitten with what was tucked in the pages of that tome, Jacqueline began experimenting with baking tarts, cupcakes and doughnuts, all from scratch. She was in the kitchen, and she was in heaven.
When she grew up, however, she put that passion aside in favor of a steady paycheck and a job in IT. That lasted until 2016, when Jacqueline posed to her husband the idea of opening a bakery. They secured a location, signed a lease, and began renovations with his enthusiastic support. The couple opened the doors of I Knead Sugar, their sweet treat bakery in Gallup, New Mexico, in May 2017.
Although fed by a dream, business ownership is about reality, and I Knead Sugar nearly closed before it even opened. After spending hard-earned personal resources on renovations and build-out, Jacqueline realized they didn’t have enough money for the ingredients that would make the bakery thrive.
DreamSpring Receives More Money to Lend
The nonprofit lender DreamSpring has been awarded almost $5 million in Equitable Recovery Program grant funds from the U.S. Treasury to support small-business lending. The U.S. Treasury grant program is aimed at strengthening the ability of Community Development Financial Institutions (CDFIs) like DreamSpring to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.
Continue readingSpanish is Natural for this Small Business Advisor
Spanish has historically been the language of choice for many multi-generational New Mexico families. And with Latin American immigration contributing to the number of small-business startups in New Mexico, it’s no surprise that many entrepreneurs can benefit from resources and assistance delivered in their first and natural language.
Enter Juan Albert, a Technical Assistance Advisor for the nonprofit lender The Loan Fund. Born in Cuba to a family from Spain, Albert uses his Spanish language skills to help deliver loans and lines of credit to small businesses and nonprofit organizations in the southern part of New Mexico. And then he offers technical support – in Spanish or English – to ensure those businesses thrive.
Albert’s 40-year career has taken him to 35 countries throughout Latin America, Europe, and Asia. After a stint at the U.S. Government Accountability Office in Washington DC, Albert was transferred to Panama to manage projects and personnel throughout Latin America. He later joined the firm PriceWaterhouseCoopers as a manager serving in Honduras with responsibilities overseeing projects and staff in five Central American countries. During his 10 years in Latin America, Albert worked primarily on programs related to economic and development assistance.
Continue readingAnother Grant, Another Deadline
Northern New Mexico businesses that have an immediate need for money to diversify, sustain or grow revenue, leverage other investments, and/or put systems in place that will lead to growth and create job opportunities have until May 12 at 5:00 pm to submit an application for a grant of $500 to $3,000 from the Regional Development Corporation (RDC). Grants are made on a competitive basis to businesses in RDC’s service area, which is defined as the counties of Santa Fe, Sandoval, San Miguel, Mora, Los Alamos, Rio Arriba, and Taos.
Continue readingHFFF Will Award Grants to Food Businesses
The Healthy Food Financing Fund (HFFF) is a new grant-based program that offers between $20,000 and $100,000 to New Mexico food enterprises. A new round of application acceptance is open from October 16 until November 13, 2023.
Continue readingJTIP 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.
Continue readingConference 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.
Continue readingNewest 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.
Continue readingLenders Tailor Credit to Specific Needs
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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