Get Your Business Recognized By The SBA

The US Small Business Administration (SBA) is accepting nominations for National Small Business Week Awards. The SBA recognizes the hard work, ingenuity, dedication, and economic contributions of small businesses during its annual National Small Business Week Celebration. The 2025 event takes place May 4 through 10, 2025, when at least 10 awards will be bestowed on New Mexico small businesses. The deadline to nominate your or someone else’s business is December 5, 2024.

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SBA Ascent Training Program Starts Soon

The New Mexico District Office of the U.S. Small Business Administration (SBA) is encouraging women entrepreneurs to apply to participate in its Ascent Training Program. Ascent is an online program that includes business skill training and networking with other women entrepreneurs. The deadline to apply to join the fall 2024 cohort is Wednesday, October 2. The program runs from October 3 to November 7, 2024.

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Loan Fund Client Wins SBA Statewide Award

Silvia Terrazas, owner of Paleteria La Reyna Michoacana, was named the New Mexico SBA’s 2024 New Mexico Women-Owned Small Business of the Year. Terrazas’s Las Cruces business makes Michoacana-style ice cream and popsicles, known as paletas, and sells them along with other items such as pinatas, candy, and Mexican party favors. A loan from the nonprofit lender The Loan Fund enabled Terrazas to construct and occupy a new building when she was ready to expand.

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WESST Named NM Microlender of the Year

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.

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SBA 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.

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Plan 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

John Woosley

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

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.

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