By Finance New Mexico

The Federal Reserve Bank of Kansas City wants to hear from small businesses in New Mexico about the experiences they’re having in the credit market.

Every year, most banks in the Federal Reserve system’s 12-bank network participate in a national Small Business Credit Survey to get the data they need to provide policymakers, business representatives and service providers with up-to-date information about business financing and credit conditions. Northern New Mexico falls under the jurisdiction of the Kansas City district, while Southern New Mexico is under Dallas’ district umbrella. Continue reading →

By Finance New Mexico

Photo courtesy CNM Ingenuity Inc Facebook page

Uncertainty about the commercial viability of an innovation or idea — in addition to the cost of renting or buying the machinery needed to build a working prototype — has stifled many an entrepreneurial impulse. But the makerspace movement that’s gaining a foothold in several New Mexico communities is trying to change that.

Makerspaces offer access to expensive equipment and expert mentoring that innovators need to turn a concept into something tangible. Their advocates see them as cauldrons of entrepreneurism and economic development — as early-stage business incubators. Continue reading →

Veterans come to the private-sector workforce with a lot to offer, including advanced training in specialized fields such as logistics, security, information technology, personnel management and administration. They understand the complexities of doing business with the U.S. government and the importance of following instructions and protocol.

Veterans have a mission-driven mind-set and work well under pressure. They appreciate the need for teamwork and leadership. Continue reading →

By Kathy Keith, Director, Los Alamos National Laboratory Community Relations and Partnerships Office

After a successful trial run of its new arts and farmers market last October, Eight Northern Indian Pueblos Council Inc. (ENIPC) solidified plans to make the markets a weekly event each Saturday this year from July 9 through the Columbus Day weekend. To maximize the economic benefits to market vendors — Native and non-Native farmers and artists from Northern New Mexico ENIPC — knew it needed to expand marketing to reach potential customers during the busy tourist season.

So ENIPC applied for — and received — funding from the Native American Venture Acceleration Fund (NAVAF), a pool of money distributed by Los Alamos National Security, LLC, and the Regional Development Corporation to help Native enterprises create jobs, increase their revenue base and diversify the Northern New Mexico economy. Continue reading →

By Justin Hyde, New Mexico Market Manager, Accion

Nico Ortiz needed money in 2001 after exhausting the startup capital that helped him launch Turtle Mountain Brewing Company in Rio Rancho two years earlier. But without a five-year track record, he said, “no lender would touch me.”

Loan officers suggested Accion New Mexico, and there Ortiz’s luck changed. “It wasn’t a big loan,” he said. “Maybe $20,000. But it enabled me to get over the hump” and sustain the business until its fifth birthday, when traditional lenders were willing to lend. Today the company employs nearly three times as many people as it did in 1999, and its gross revenue has quadrupled.

“Accion is critical, because the (business) failure rate for zero to five years — especially for restaurants — is ginormous,” Ortiz said. “They help fine companies survive.” Continue reading →

By Finance New Mexico

Lemitar is pretty far from the Pacific, but Tim Ott and Abigail “Judy” Armendariz are growing shrimp native to that ocean in a climate-controlled aquaculture plant just north of Socorro.

Their company, Southwestern Seas LLC, has been selling New Mexico-farmed white Pacific shrimp at the Santa Fe Farmers Market for about a year.

The business partners in late November received a $49,500 value-added producer grant from USDA that they plan to use to market their unconventional “crop” to other farmers markets around the state and thus increase sales. Continue reading →