According to the U.S. Small Business Administration Office of Advocacy, the top reasons for starting a business have not changed much in the past decade. Chief among those reasons is the desire to be one’s own boss and have greater control over one’s income. New Mexico, whose businesses are predominantly small (as defined by the SBA), is fortunate to be home to so many people with a drive for personal self-determination.

New Mexico leaders, whether in government or the private sector, recognize the value small businesses bring to the state. That’s why dozens of entities offer tailored services to assist New Mexico businesses at every level of startup and growth.

From free consulting and skills-based workshops offered by WESST to loans from locally-owned banks such as Century Bank, small businesses can get up and running rapidly. When a business is not yet ready for a traditional bank loan, it is referred to nonprofit lenders such as The Loan Fund, DreamSpring, LiftFund, RCAC, and Homewise, which offer support services to multiply the odds of business success.

Specialized assistance programs, such as those offered by New Mexico MEP (Manufacturing Extension Partnership), the NMSBA program, and the TRGR initiative, offer non-cash grants in the form of services that propel companies and products toward revenue and increased profits.

Announcements from the State of New Mexico, as reported by the Albuquerque Journal, indicate that new resources to fill gaps in venture capital funding will become available to scalable home-grown businesses in 2023.

This is good news for New Mexico businesses and the state’s economy.

Here’s to a happy holiday season and a robust new year!