Entrepreneurs who gauge business success by the amount of money in their checkbook are setting themselves up for failure and missing out on tools that can help them grow their business. Financial statements, easily created by standard bookkeeping systems, can provide financial snapshots, warnings about upcoming cash shortages, and rearview-mirror looks at past successes and failures that often indicate a path for the future. It doesn’t take an MBA to understand how to generate and navigate financial statements. But where does a business owner obtain the basic knowledge that can help her build a financial foundation?
Continue readingCategory Archives: New Programs, Open Opportunities and Announcements
Restaurant Revitalization Fund Rules Emerge
The U.S. Small Business Administration has released more information about the rules that will govern the $28.6 billion Restaurant Revitalization Fund (RRF) grant program that will open on May 3. The RRF will provide grants of $1,000 to $5 million per location to restaurants, bars, pubs, food carts, caterers, and other restaurant-related businesses that have lost revenue due to the pandemic.
Continue readingAccelerator to Focus on SBIR Grant Applications
Arrowhead Center at New Mexico State University is hosting an accelerator program for individuals and businesses interested in pursuing Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grants from the National Science Foundation. SBIR/STTR programs offer grants for scientific discoveries that can be transformed into products and services that have commercial potential and/or societal benefit.
Continue readingLANL Fellowships Offered to Startups and Entrepreneurs
Small businesses and entrepreneurs working to solve national security challenges are invited to apply for a two-year fellowship at Los Alamos National Laboratory. The fellowship includes up to $100,000 in yearly stipend, health insurance, a travel allowance, and $100,000 per year in technology advancement support. Part of the New Mexico Lab-Embedded Entrepreneurship Program (NM LEEP) and operated by Los Alamos Commerce and Development Corporation in conjunction with LANL’s Feynman Center for Innovation, the fellowship offers the opportunity to become immersed in the laboratory’s technology and talent.
Continue readingLoan Fund Reopening To Offer More Money for More Businesses
A recent webinar provided an overview of the changes authorized by the New Mexico Legislature when it expanded and extended the Small Business Recovery Loan Fund to better help businesses experiencing financial hardship caused by the pandemic. Among the changes: More businesses are now eligible to apply for a loan, and the loans have more favorable and flexible terms. Businesses that received a Small Business Recovery Loan in 2020 will be able to refinance for a longer-term or a larger loan.
Continue readingGovernment Contractors Offered Cybersecurity Training and Assistance
Soon, contractors and subcontractors to the U.S. Department of Defense will be required to have cybersecurity certification at the level needed for the specific work in the contract. The new Cybersecurity Maturity Model Certification (CMMC) guidelines are thought to be the precursor to certification that eventually will be required across all government contracts. To help businesses prepare, the New Mexico Economic Development Department is hosting a CyberReady workshop May 12-14, 2021.
Continue readingRestaurant Revitalization Grants Expected in April
The U.S. Small Business Administration expects to open the Restaurant Revitalization Fund in early April for applications from restaurants and bars owned by women, veterans, and socially or economically disadvantaged people. The SBA also confirmed that restaurants do NOT need to register with SAM.gov or obtain a DUNS number, as was previously reported by multiple news outlets.
Continue readingIt’s Official: PPP Extended to May 31, 2021
Businesses, nonprofit organizations, self-employed, and sole proprietors have until mid-May to apply for a first or second draw PPP loan. The program has been extended to May 31; however, because participating lenders need time to process applications, potential borrowers should apply by May 15.
Continue readingTechnical Assistance Available to Small Communities and Urban Neighborhoods
The New Mexico MainStreet program, a division of the New Mexico Economic Development Department, is accepting applications for technical and organizational assistance for new community development projects. Rural and Native American Communities with less than 15,000 in population are encouraged to apply for assistance under the Frontier & Native American Communities Program. Urban neighborhood commercial corridors in cities with a population of more than 50,000 are encouraged to apply through the Urban Neighborhood Commercial Corridor Program.
Continue readingMicro-Grant Fund Accepting Applications from Northern New Mexico Businesses
The Regional Development Corporation, which serves the counties of Santa Fe, Sandoval, San Miguel, Mora, Los Alamos, Rio Arriba, and Taos, will begin accepting Micro-Grant applications on April 1 from small businesses in its service area. The RDC Micro-Grant Program awards grants of $500 to $2,000 on a competitive basis from 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.
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