Economic developers believe a key contributor to economic inequality in the United States is the large and persistent racial and ethnic disparity found in business ownership and performance. Barriers to accessing capital that particularly impact Black, Indigenous, People of Color (BIPOC) entrepreneurs include lack of initial wealth, financial literacy, education, and managerial experience. To address racial and income inequities, WESST launched the HOPE Fund (Helping Open Possibilities for Everyone), a “no barriers to accessing capital” approach for people of color and low-wealth New Mexicans.
Continue readingCategory Archives: New Programs, Open Opportunities and Announcements
Accelerator Program Summer Cohort Forming
Libraries as Launchpads, a virtual business accelerator program, has announced that applications for its summer cohort will be accepted until June 20, 2021. The 5-week program begins June 28.
Continue readingRestaurants Slow to Take Pandemic GRT Deduction
According to the New Mexico Restaurant Association, only 500 restaurants in the state have taken advantage of the Gross Receipts Tax Deduction/Rebate that was authorized by the state legislature to aid pandemic-impacted New Mexico restaurants.
Senate Bill 1, passed during the 2021 legislative session, allows restaurants to keep as a tax deduction the gross receipts tax charged for sales of prepared food and drinks made after March 1, 2021 and before July 1, 2021. Fast-food restaurants are not eligible, however, mobile and food truck businesses can take the deduction.
Continue readingNew Grant Program Opens for Hispanic-owned Food Businesses
A new limited-time grant program will offer $10,000 grants to small Hispanic-owned food and beverage businesses in Albuquerque. The program comes from the PepsiCo Foundation, which is relying on Community Development Financial Institutions (CDFIs), such as LiftFund and DreamSpring, to ensure that grants reach 10 – 15 Hispanic-owned businesses in each of the 13 targeted U.S. cities. Besides Albuquerque, grants will be offered in Los Angeles, Dallas, Houston, San Antonio, El Paso, Chicago, Miami, Denver, New York City, Orlando, Phoenix, and Las Vegas.
Continue readingBusiness Finance Fair Will Provide Resource Overview
The New Mexico Economic Development Department is hosting a Business Finance Fair on June 9 from 12:00 to 2:00 pm for businesses located in the southeastern region of the state. The event, which will be conducted online, will provide an overview of the many financial resources available to New Mexico businesses. Event organizers aim to connect business owners with resources that can help them grow their enterprises.
Continue readingNew Program Launched to Help Native-led Businesses
The Indian Pueblo Cultural Center and Creative Startups are collaborating to accelerate entrepreneurship among Native American businesses. The collaboration is delivering a pre-accelerator virtual incubator program, along with information about financial and other resources designed specifically to meet the needs of Native-led businesses.
Continue readingLEDA Grant Program Now Open
The LEDA Recovery Grant Program was created by the State of New Mexico in the 2021 Legislative Session by House Bill 11 to provide $200 million in grant funding to New Mexico small businesses and nonprofit organizations that are experiencing financial hardship due to the pandemic. Applications will be accepted until June 15, 2021.
Continue readingUSDA Helps Businesses Install Renewable Energy Systems
The U.S. Department of Agriculture provides grants to agricultural producers and rural small businesses interested in saving money as they save energy. The Rural Energy for American Program (REAP), which aims to reduce the amount of greenhouse gas pollution that affects the climate, helps businesses purchase and install renewable energy systems and make energy-efficiency improvements.
Continue readingREBP Increases Profits by Reducing Energy Use
Rural businesses looking to reduce costs and increase profits have a friend in the Rural Efficient Business Program. REBP gives free energy-efficiency advice and resources to businesses located in communities of 50,000 inhabitants or less and agricultural producers throughout the state. The program, which is part of the New Mexico Economic Development Department’s suite of services, also offers financing options and financial incentives to help businesses put energy-efficient systems in place.
Continue readingMicro-Grant Application Deadline Nears
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 1 at 5:00 pm to submit an application for a grant of $500 to $2,000 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.
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