Author Archives: Admin

Economic Development Course Helps New Mexico Leaders Plan for Sustained Growth

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Savannah Jermance

New Mexico communities that plan and prepare for economic development can avoid the chaotic impacts of runaway growth by training the elected officials, public employees and civic leaders who promote that change. A crash course in basic economic development from July 22-26, 2018, at Western New Mexico University in Silver City is a good place to start that training.

The course is one of several offered by the New Mexico-based International Academy for Economic Development that prepares students for certification by the International Economic Development Council. Continue reading →

Newcomer maintains small-business tradition with Accion ZipPay loan

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When Nick Harrison couldn’t persuade his mom to let him buy her trophy shop in Oregon, he moved with his wife to New Mexico and bought a complementary business in Albuquerque.

Harrison purchased The Ribbon Place in March 2017. The 37-year-old Albuquerque company makes custom award ribbons, rosettes, sashes, buttons and other promotional items. It employs seven people, including Nick and his wife.

The business is a perfect fit for the Harrisons, who maintain other jobs until the enterprise can fully support them. Just as appropriate was the loan the couple procured to purchase the company: The ZipPay loan offered by nonprofit community development lender Accion, allows Harrison to automatically divert a percentage of every credit card sale to the lender to pay off his loan. Continue reading →

New Mexico Businesses Start Big with Franchise Ambitions

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Olo Yogurt Studio

Olo Yogurt Studio

By Finance New Mexico

Multinational franchises like McDonald’s and KFC started small and worked their way up the food chain over decades. That methodical approach to growth seems too slow for the owners of two Albuquerque businesses.

Before Olo Yogurt Studio opened its first store in 2010 and WisePies served its first pizza in 2014, the owners of both ventures planned to become franchises — and to waste no time doing it.

Olo Yogurt opened a second store — a carbon copy of its colorful original — within three years and was strengthening its brand for further expansion. Continue reading →

Collateral Assistance Program

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The Collateral Assistance Program, previously known as the Collateral Support Participation Program, allows the New Mexico Economic Development Department to pledge cash to cover a borrower’s collateral shortfall. The program enables small businesses that would qualify for a bank loan if not for the collateral shortfall, to become eligible for a loan. Business owners apply through an authorized bank, which initiates the Collateral Support Program.

The Loan Fund Helps Veteran Buy Building To Expand Business

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Joe Justice, Loan Officer, The Loan Fund

By Joe Justice, Loan Officer, The Loan Fund

Jose Ocampo launched his Santa Fe Exclusive Honda and Acura auto repair and parts business 13 years ago in a small building in the New Mexico capital. He outgrew the space within three years and moved to a larger facility nearby.

As his business continued to grow, Ocampo started looking around for “a building with better parking and more room” that would be better to meet his customers’ needs and comfort.

About a year ago he found an ideal spot on Siler Lane with a metal building with 2,000 square feet of warehouse space. The lot was particularly attractive because it could accommodate construction of a 2,000-square-foot workspace addition. Continue reading →

Basic Financial Literacy Essential for Business Owners

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Carmen Martinez, director, Small Business Development Center at San Juan College

By Carmen Martinez, director, Small Business Development Center at San Juan College

Business owners don’t need a degree in accounting, but they do need to know how to read basic financial statements and when to ask the accountants who prepare them to explain what they don’t understand.

No one wants to be like the business owner who believed she was making a profit because her checkbook had a positive balance. But even business owners who diligently record financial transactions using basic accounting software don’t always comprehend the reports their CPA generates based on these records.

That means they’re not using the expertise they pay for, and they’re not using the numbers as tools to build their business.

The three financial reports every business owner should understand are the profit and loss statement, the balance sheet and the cash flow statement. Continue reading →

Innovators Learn the Benefits, Challenges of Crowdfunding

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By Lisa Adkins, Director of the BioScienceCenter

By Lisa Adkins, Director of the BioScience Center

“Crowdfunding” is a way that startups can raise money to get a project or enterprise off the ground without company founders having to surrender ownership, secure a loan or approach foundations for elusive grants.

Earlier incarnations of the practice didn’t have the advantage of instant access to a global fan base that can grow exponentially through social media. The Internet created that access, and crowdfunding sites like Kickstarter.com and IndieGoGo.com created platforms where people could pitch their projects.

Aqua Research, a resident company in the BioScienceCenter incubator in Albuquerque, is using IndieGoGo to raise $50,000 by May 10 to finance production of its H2gO water purifier, which can turn up to five gallons of unsafe water at a time into potable water using a solar-powered rechargeable cell-phone battery. Continue reading →

Farmington Company Well-Schooled in Lean Manufacturing Techniques

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Denise Williams, innovation director, New Mexico Manufacturing Extension Partnership

By Denise Williams, Innovation Director, New Mexico Manufacturing Extension Partnership

Henry Production Inc. of Farmington puts a premium on training. The 51-year-old company is a one-stop oilfield service company, selling and maintaining compressors and pumps used in the oil and natural gas industry, servicing and overhauling engines and fabricating skids and piping, among other things.

Because machine technology is always changing, the company sponsors a 16-week class once a year to ensure its newer technicians understand the mechanical systems they’re working with. Even seasoned techs take refresher courses to stay on top of technological advances.

Continue reading →