By Justin Hyde, Accion Loan Officer

Hoa Tran Luong and her husband, Vi, were in a relatively enviable position when they approached Accion New Mexico ∙ Arizona ∙ Colorado in 2012 for a loan to expand their Boba Tea Company beyond Albuquerque.

The Luongs had financed their own startup in 2005 using money from another Albuquerque business — Noble Collectibles. Over the next seven years, that first Boba Tea Company location spawned four more stores.

“Boba Tea came to us with strong fundamentals in place for their loan request and a great vision of the next stage of their business’ growth,” said Jordan van Rijn, a senior loan officer at Accion.

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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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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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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 →