The New Mexico Economic Development Department (EDD) is launching a new initiative aimed at assisting small, disadvantaged businesses with technical assistance so they can better succeed. HatchForm LLC, WESST, and UNM Anderson are the initial providers for this program.
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RCAC Bolsters Canjilon’s Push for Water Security
The small Rio Arriba County village of Canjilon is a living testament to the deep-rooted heritage of its community. Home to nearly 300 residents, Canjilon’s roots stretch thousands of years, during which the Pueblo, Apache, and Navajo peoples have called the surrounding lands home.
Water scarcity has always been a defining challenge in high desert communities, with sparse population density and modest financial resources compounding the problem. However, in recent years, prolonged drought and unpredictable climate shifts have nudged the village’s already vulnerable water supply and vital infrastructure toward a tipping point.
Continue readingHomewise Helps Couple Buy Building
Christina and Carlos Davis launched Trendz Beauty Supply in December 2010 in Albuquerque to offer high-quality hair and wigs at affordable prices. Having had several negative experiences at other hair stores, the couple decided to make customer service one of their company’s hallmarks. The strategy has paid off. After opening their original shop of 1,700 square feet, the growth of their loyal customer base propelled the company into filling a 3,000 square foot shop, and subsequently into their current 8,000 square foot location with a nearby warehouse encompassing another 2,850 square feet.
The rented space has served the needs of Trendz Beauty Supply, but the Davis’s always wanted to own their own building. That opportunity arose when they learned the owner of the building housing their store was interested in selling.
With the help of the nonprofit lender Homewise, the Davis’s obtained an affordable commercial real estate loan and purchased the building in June of 2022.
Continue readingThe Loan Fund Has More Money to Lend
The New Mexico Small Business Investment Corporation (NMSBIC) has allocated an additional $2.5 million to The Loan Fund, making its total investment to the nonprofit financial institution $37.5 million. The additional funds will allow The Loan Fund to offer more capital to small businesses to help them grow.
Continue readingBlack Business Summit Aims to Advance Economic Freedom
The 2024 Black Business Summit will be held in Albuquerque from 9:00 am to 5:00 pm Saturday, June 15. Hear from community members who have been on the journey from incubators, to contracting, to doing business globally, and learn important information on the Corporate Transparency Act, business formation considerations for entrepreneurs, small business loan opportunities, and more.
Continue readingGallup Charter School Gets $4.4 M Loan
Clearinghouse CDFI is supporting public educational services for Navajo and minority students in New Mexico. Douglas Turner and Christopher Taylor of T2 Gurley, LLC are seeking new construction of a public charter school in Gallup, NM, and Clearinghouse CDFI is providing a $4,400,000 loan to help make that possible.
Early College High Schools (ECHS) help bridge the gap between traditional learning and students who are looking to accelerate their future. ECHS focuses on career and technical education for disadvantaged and underrepresented students. Middle College High School (MCHS) is an ECHS in Gallup, NM utilizing temporary trailers in lieu of a school building. Clearinghouse CDFI funding allows T2 Gurley, LLC to fully construct a new school building on a 20-year lease with the option and intention for MCHS to purchase the building in the near future.
Continue readingRCAC Goes Beyond Small Business Loans
Rural Community Assistance Corporation, the nonprofit organization known as RCAC, offers small business loans to help businesses retain or create jobs and thus improve the economic condition of rural communities. Its Building Rural Economies Small Business Coaching team goes a step further by providing no-cost direct technical assistance to rural entrepreneurs and small businesses to launch or re-launch their business; operate, sustain, and grow their business; secure access to financing; and build networks.
Continue readingWESST 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.
Continue readingNew Source for Business Start-Up Information
The New Mexico Economic Development Department has launched a new tool to connect New Mexicans to business, entrepreneurial, and community resources from across the state. The Business Resource Map is now live on the New Mexico EDD website.
Continue readingDreamSpring Expands Bi-Lingual Services
DreamSpring, known for providing small business loans and assistance to entrepreneurs in 27 states, is expanding its English-Spanish online technical assistance and training materials, as well as one-on-one technical assistance, thanks to more than $500,000 received from a Congressionally Directed Spending appropriation, part of the bipartisan Fiscal Year 2024 (FY24) Financial Services and General Government Bill. U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, helped secure the funds that are part of $28 million for 52 projects in New Mexico during the Senate’s passage of six bipartisan appropriations bills on March 23, 2024.
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