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 are various programs, banks, 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.
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
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/
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/
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
