Ongoing and rear around MWBE and veteran assistance in New Mexico
There are several non-profits, foundations and government programs that provide year round financial help as well as other support to MWBE, immigrant and veteran owned small businesses in New Mexico. The programs listed below either focus on certain parts of the state, such as Albuquerque, or they operate statewide.
Programs available across New Mexico for all MWBE and veteran businesses
DreamSpring operates across NM. The non-profit helps disadvantaged businesses owners get capital, and this includes minority businesses, immigrants and people with low credit scores in New Mexico. DreamSprings helps people get free grants, loans, and other funds for their business and learn more here. https://www.dreamspring.org/
Loan Fund is available across NM. The non-profits provides loans to non-profits and small businesses, with a focus on impoverished parts of the state, in particular minorities, women, Native Americans and people with limited or poor credit. There is also consulting, small business training and other support. Learn more here. https://www.loanfund.org/
New Mexico Community Capital focuses on Native Americans as well as tribal families. They offer a number of assistance programs, including referrals to microloans as well as free government grants. Native American as well as immigrant owned small businesses (and start-up companies) can also get free digital marketing advice, help with marketing, information on social media networks and other assistance – this is in addition to loans and grant programs. Learn more here. https://nmccap.org/
New Mexico State University operates the Arrowhead Center. They assist entrepreneurs and small business owners, including those of color and women. They offer an Accelerator Program that can help with raising capital (including free grants or low cost loans), help with business plan development, launching a business, setting up LLC or a corporation and so much more. Most of the assistance is free of charge. Read more here. https://arrowheadcenter.nmsu.edu/
Nusenda Credit Union and Black Chamber of Commerce of New Mexico operate a Microloan Program. It will lend up to $10,000 (or as little as $250) to businesses owned by people of color, including those that have no or bad credit scores. The Chamber of Commerce is the place to learn more and to apply, and get details here. https://www.bccofnm.org/
Rio Rancho Community Foundation (RRCF) provides free grant money in the central NM region. They mostly focus on non-profit organizations as well as veterans, with a focus on non-profits that address economic inequality and social issues. They are also part of the Nonprofit Alliance (NPA), and learn more on the foundation here. https://www.rrrcc.org/foundation/
South Valley Economic Development Center has a business incubation programs and also helps small businesses in NM. There is a community kitchen for food focused businesses, information on grants for minorities and woman, an Agricultural network and other services. Learn more here. https://www.svedc.org/
WESST has multiple locations in New Mexico, and clients range from immigrants to minorities, veterans, Latinos, and others. They are a business incubator as well as help existing companies. Everything from microloan applications to consulting/coaching, financial literacy and business plan development training, accounting resources, referrals to free grants and much more. They also operate the Women’s Business Centers in NM. They help women become self-employed, even as sole-proprietorships. Learn about the organization. https://www.wesst.org/
Albuquerque area business grants, loans, and resources
Albuquerque Black Business Fund provides free government grant money (up to $15,000) each year to approved Black-owned businesses. The money needs to be approved for certain expenses, such as payroll, rent, equipment and other line items. Learn about the Fund. https://www.bccofnm.org/programs/albuquerque-black-business-fund
Street Food Institute helps people in the food industry based in the Albuquerque NM area start a business, raise money, open facilities and more. Everything from a food truck business to restaurant, or ethnic food establishment, will get assistance. Learn about the non-profit here. https://streetfoodinstitute.org/
By Jon McNamara