The small business development organization WESST was named the 2024 Small Business Administration’s New Mexico Microlender of the Year. The award was bestowed on May 1, 2024 at the SBA New Mexico Small Business Awards Breakfast. The SBA celebrates National Small Business Week by honoring outstanding entrepreneurs and resource providers while putting a spotlight on the people who run the 33 million small businesses in the country.
Continue readingTag Archives: SBA
Hardship Accommodation Plan Aims to Help EIDL Borrowers
Two news organizations reported this week that the U.S. Small Business Administration (SBA) has made changes to its COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program to help small businesses that have been unable to repay their loans.
Continue readingSBA Small Business Week – Virtual in 2022
Congratulations to Joy Colucci, CEO of Metis Technology Solutions, who has been named New Mexico Small Business Person of the Year by the US Small Business Administration New Mexico District office. Ms. Colucci will speak about her business journey at an award ceremony on May 3 and will join other state and regional awardees at this year’s SBA Small Business Summit on May 5 as part of the SBA National Small Business Week Summit, which runs from May 2 through May 5. All events are offered virtually this year.
Continue readingSBA Hosts Virtual Women’s Business Summit
In honor of Women’s History Month, the U.S. Small Business Administration is hosting a virtual conference March 29-30 to help women business owners overcome challenges and take advantage of opportunities such as accessing alternative forms of capital and winning government contracts.
Continue readingPlan for Disasters Before They Happen
Small businesses are attuned to the risks they face when material costs and interest rates start to rise and competitors make inroads into their market share, but they’re not always conscious of less predictable but increasingly common risks, such as natural disasters. And they don’t always know about the resources available when their city or county is formally declared a disaster area and they become eligible for government assistance.
In April, for example, the U.S. Department of Agriculture declared 12 New Mexico counties primary natural disaster areas due to drought-related crop losses. The declaration enabled qualified farm businesses to access USDA emergency loans. Continue reading
SBA Changes Intensify Business Lending Surge
By John Woosley, District Director, SBA New Mexico District
Jerome Garcia completed 23 years of military service, multiple overseas tours and one combat deployment before retiring in Las Cruces just before the economy collapsed in late 2008. Garcia and his wife, Michele, proceeded with plans to start their own business and launched Southwest General Construction in February 2009.
SGC is a service disabled veteran-owned small contracting business that builds and maintains airfields, railroads, roads and buildings in New Mexico and the Southwest. It also builds fences, drills wells, maintains grounds and conducts environmental remediation. Continue reading
Knowing When to Hold and Fold Works in Business and Poker
Barbara Kline, Founder and President, Breakthru Communications
In some ways, starting a business is a lot like playing poker: An entrepreneur always has to weigh the odds, give herself room to maneuver and know when to hold or fold.
According to recent data from the U.S. Small Business Administration, 31 percent of businesses fail within the first two years and half within five years. On the other hand, more than 25 percent of all business startups survive for at least 15 years.
A few — but not many — companies succeeded despite a firm hand on the till that kept them from taking a few risks by investing in growth and innovation. For every company that succeeded wildly right after the founder had mortgaged the house and maxed out the credit cards, hundreds went bankrupt or were saddled with debt for many years.
Jobs Act Frees Cash for Small-Business Borrowing
Floyd Morelos, Vice President, Century Bank
One silver lining in the economy’s slow recovery is that deflated real-estate values have given many business owners the opportunity to purchase the building they’ve been leasing or to buy land on which they can construct a new building for their business. The federal government helps by offering loan guarantees through its 504 loan program. Under temporary provisions of the Small Business Jobs Act, the 504 program lets borrowers refinance mortgages on properties they already own.
Created in 1980 to encourage economic development, the 504 program has made it easier for businesses — the biggest job-creators in the country — to expand through the acquisition of assets. The program provides long-term, fixed-rate financing for the purchase of land, buildings, machinery, equipment and certain improvements. Continue reading
‘Made in America’ Heats Up
Yolanda Garcia Olivarez, SBA Region VI Administrator
Joseph Armijo has consistently created jobs: his business added 12 employees over the past 10 years – about one a year. ButArmijo’s Albuquerque-based company, Four Winds Mechanical HTC/AC, may soon accelerate its rate of hiring. With help from the American Recovery and Reinvestment Act (ARRA),Armijonow has the resources to bid on large contracts that, if awarded, will allow him to quickly hire up to five additional employees. Four Winds Mechanical provides plumbing, fuel (gas) process piping, sheet metal work, and heating and air conditioning services, including equipment repairs.
Businesses, Like Life, Have Stages
Paul F. Goblet, Financial Advisor, NM SBIC
Few businesses follow a predictable path and timeline from one stage of life to the next. Some linger for a long time as startups, while others dash directly from startup to rapid growth. Knowing the life cycle of a typical business can help an entrepreneur know where to find capital to reach the next stage.
The seed or startup stage starts with an idea or a prototype for a product or service. At this stage, entrepreneurs either tap friends, family members or other personal contacts for funds, or they seek angel investors, SBIR grants, micro loans or very early stage venture capital.
When a company is preparing its product or service for a market launch, it’s in the early stage of life. Continue reading