Author Archives: Taura Costidis

Entrepreneurs urged to “Come WESST”

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By Cindy Wilson, Regional Program Coordinator and Trainer, WESST

By Cindy Wilson, Regional Program Coordinator and Trainer, WESST

Anthony Urquidez sees two types of clients at the Roswell office of WESST, where he is regional manager: the aspiring entrepreneur who walks in the door – almost on a whim – armed with little more than an idea, and the would-be business owner who arrives with a business plan and a clear idea of what she needs, whether it’s a loan or instruction in computer skills or tax preparation.

All are welcome at WESST, which serves small businesses from offices in Roswell, Albuquerque, Farmington, Rio Rancho, Las Cruces and Santa Fe.

The nonprofit small business development and training organization helps clients find loans when traditional lenders have turned them down, and it provides expert advice for people who don’t have the resources to hire a certified public accountant or attorney, Urquidez said.

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Perspective as Important as Persistence When Running a Business

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By Finance New Mexico

By Finance New Mexico

Business leaders are a hardy breed, loath to admit trouble and express anything but optimism and confidence. This tough façade is handy when applying for loans, seeking investment capital and competing in the rough and tumble marketplace.

But it’s hard to maintain when customers are drifting away, employees are quitting, cash flow is falling short and a new product is taking too long to reach market. It’s hard to stay externally cool when internal fears wear down nerves and mental stability.

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Facility Tours Highlight New Mexico Manufacturers

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Claudia Serrano

By Claudia Serrano, Projects Coordinator, New Mexico MEP

The New Mexico Manufacturing Extension Partnership will celebrate the state’s manufacturers on Oct. 4 by leading facility tours in Deming, Albuquerque and Farmington.

Manufacturing Day in New Mexico is part of an effort by MEP organizations nationwide to show the American public that many products are still proudly and efficiently “made in the U.S.A.”

Local legislators, their field agents, customers, vendors and members of the general public are expected to spend the day visiting several New Mexico businesses that fabricate products used in major domestic industries.  Continue reading →

Economic Gardening Cultivates Growing Albuquerque Business

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By Dr. Beverlee J. McClure, president and CEO, Association of Commerce and Industry

By Dr. Beverlee J. McClure, president and CEO, Association of Commerce and Industry

RIEtech Global had reached a transitional stage with its high-precision motion control products when the Albuquerque company was chosen in 2012 to participate in a pilot program designed to help successful companies expand their reach and refine their business models for the next stage of growth.

The pilot program, called Economic Gardening and sponsored by the Association of Commerce and Industry, PNM and Lovelace Health System, was created by Chris Gibbons in Littleton, Colorado. The Edward Lowe Foundation scaled the program to be applied nationally. The program takes an intensive, interventionist approach to economic development by helping second-stage growth companies enhance job and revenue growth. This is different than focusing on startups or recruiting outside businesses.

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Collateral Support Program Helps New Mexico Businesses Leverage Loans

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By Finance New Mexico with assistance from the New Mexico Finance Authority

Editors Note: This program, now known as the Collateral Assistance Program (CAP), is now administered by the New Mexico Economic Development Department Borrowers must access the program through their local lender.

US_Treasury_07110005In 2011, New Mexico was authorized to receive $13.1 million from the U.S. Treasury Department as part of the State Small Business Credit Initiative — a product of the Small Business Jobs Act of 2010.

The funds are channeled to the Collateral Support Participation program administered by the New Mexico Finance Authority in collaboration with the New Mexico Economic Development Department. The program helps creditworthy small businesses leverage private lending when they can’t obtain the capital required to expand and create jobs. Continue reading →

Participation Loan

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A participation loan allows a bank to transfer some of its risk to a third party, thereby either enabling the bank to make a loan it might not otherwise make or to provide better terms than it could offer on its own. Participating entities include government agencies such as the SBA and USDA, which purchase part of the loan. Participation loans are initiated by the bank, and each participation program has its own rules.

Community Development Financial Institution (CDFI)

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A lender with a mission to promote economic development by making financial resources affordable and accessible to neglected or underserved communities. Such resources may include consulting and technical assistance services that help entrepreneurs and small business owners plan for starting, growing, and maintaining their businesses. DreamSpring, Homewise, LiftFund, RCAC, The Loan Fund, and WESST are nonprofit CDFIs active in New Mexico. Clearinghouse CDFI, a for-profit entity, is also a CDFI.

Expert Advice as Precious as Cash for New Businesses

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By Matt Loehman, The Loan Fund

By Matt Loehman, The Loan Fund

Starting a business takes guts, but it also takes money. Obtaining that startup capital is one of the biggest challenges facing aspiring entrepreneurs.

Some may find it easy to secure credit: They’re typically the ones with good collateral, a high credit score and a fully developed business plan. But that’s not the case for many small business owners in New Mexico who find it challenging to access credit through traditional sources.

Small business owners who do have difficulty accessing credit from traditional lending sources can contact a community development lender, which is typically more than just a place to go when the banks say “no”. Continue reading →

Digital Book Publisher One of Nine Venture Acceleration Fund Award Recipients

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By Kurt Steinhaus, Director of Community Programs, Los Alamos National Laboratory

By Kurt Steinhaus, director of the Community Programs Office at Los Alamos National Laboratory

Customizabooks, a digital publisher of children’s books, is one of nine New Mexico businesses to receive a total of $340,000 in Venture Acceleration Fund awards from Los Alamos National Security LLC and Los Alamos County.

The Rio Rancho company plans to use its $50,000 award to expand distribution channels for its digital book applications, which create electronic books and convert existing books into digital content that’s accessible on all major mobile platforms, according to founder Tom Anderson, who manages the company with his brother, Bill.

The money also will help the Andersons finish developing their latest product, the Blackfish Story Creator, which allows people to create and share their own digital stories.

What makes Customizabooks different than other e-books, Anderson said, is its high level of interactivity, functionality and customization Continue reading →

Coworkers by Choice: Shared Workspaces Draw Solo Entrepreneurs

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By Finance New Mexico

CoworkingThe dramatic increase in freelancers, especially technology industry soloists, is driving a new trend called “coworking” — the sharing of workspace on the basis of a desire for community that its proponents see as a basic human need.

“Never before have we been so isolated,” Convivium Coworking’s Deborah Reese said of the growing army of solo entrepreneurs and self-employed people who populate the U.S. work force — either because the recession undermined their faith in working for others or because the internet and other mobile technology freed them to work anywhere they wanted.

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