New Mexico Black owned, women, Latino, LGBTQ and other minority owned (or run) businesses can get financing from various loan or free grant programs. There banks, non-profits and lenders listed below that are issuing funds. The list of grants and loans is updated daily. The funds are for any small to mid-sized business in New Mexico, but some of the money will be designated for minority, veteran, and also women businesses. Find free MWBE business grants or loans in NM.
Each of the financial assistance programs has its own an application process with terms and conditions needed. The amount of funding will vary. There may be funds to help a small business grow its sales or maybe help them keep their “doors” open. The banks, non-profits, corporations and government agencies will always allocate a certain amount of loans and grants for Latino, Black, women owned and other disadvantaged businesses.
While most of the small business loans and free grants are for companies in Albuquerque as well as Santa Fe, assistance is available across the state. The grant programs and loans for BIPOC (Black, Indigenous, People of Color) as well as MWBE-owned businesses also often come with free counseling and business advice.
Small business loans and free grants for women or minorities in New Mexico
Any business in New Mexico can apply for funds. But the lenders and/or programs listed below will allocate a certain amount of funds to minority companies, including Black Owned, LGBTQ. Latino, Asians, and other groups. Women owned companies in the state can also get assistance.
Ongoing and Year Round Assistance in New Mexico
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
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 verlans, 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/
Street Food Institute helps people in the food industry 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/
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/
December 2024 and January 2025
NM businesses impacted by a disaster, mostly recently wildfires, can apply for free grant money from the Federal Home Loan Bank of Dallas. Up to $1,000,000 will be issued in aggregate with each qualified business able to get up to $20,000. Disadvantaged businesses, including MWBE and Native American, are encouraged to apply to the Small Business Recovery Grant (SBRG), and more details are here. https://www.fhlb.com/library/press-releases/2024/federal-home-loan-bank-of-dallas-offers-1-million
September and October 2024
The Window to Opportunity grant program in Albuquerque will help businesses as well as non-profits that were impacted by Vandalism. Applicants need to have a physical local and have been impacted, with much of the money flowing to businesses owned by people of color. Up to $5,000 is given to each business. Find applications here. https://abqedd.com/windowgrant/
July 2024
Lincoln County and Ruidoso small businesses that have been impacted by the recent disasters (fires and/or floods) can get low cost and/or interest free SBA loans. The money is aimed at helping businesses recover from the recent events, to pay the bills, and keep payroll growing. The SBA loans are also for Native Americans in the region, and apply here. https://lending.sba.gov/
April and May 2024
Northern NM businesses can get a free grant from Regional Development Corporation. Up to $3,000 from the Micro-Grant Fund can be provided to small businesses that will invest money and grow in the community. Applicants can be women, minorities, immigrant, veterans or owners of any gender, faith or religion. Apply here. https://www.rdcnm.org/microgrant-fund
November and December 2020
New Mexico Finance is providing up to $100 million dollars in small to mid-sized business grants to companies located throughout the state. Some of those government funds will be reserved for minority, female, and veteran owned businesses. This includes Black, Latino, immigrant, Asian, and Native American owned businesses. Applying businesses need to have fewer than 100 employees and have been impacted by COVID. All financial assistance is first come – first served. Apply here. https://www.nmfinance.com/
August 2020
New Mexico launches loan fund for small businesses. The $400 million Small Business Recovery Loan Fund also allocates funds for Black, Hispanic, and other minority groups and is run in partnership with Century Bank. https://www.santafenewmexican.com/news/coronavirus/new-mexico-launches-loan-fund-for-small-businesses/article_93a26838-d738-11ea-8a21-434942e16ddc.html
By Jon McNamara