State department launches tool to connect businesses to funding - Albuquerque Journal

State department launches tool to connect businesses to funding

Are you a business owner looking for additional sources of funding?

The state’s Economic Development Department has something for you. This month the department launched the Business Finance Finder tool, designed to help businesses connect with financial institutions that can help fund their projects.

Owners of businesses can upload basic information about a project that they are looking to get funded and, through that, can be matched with a local lender. Financial institutions, meanwhile, can use the tool to filter through projects to find one they are looking to potentially fund.

The department said it created the tool in hopes of helping small businesses gain easier access to potential funding. Funding isn’t guaranteed, as it is up to financial institutions to decide on what they want to fund.

“In order to have a healthy ecosystem for our businesses to thrive, we need a level playing field to access capital,” Economic Development Cabinet Secretary Alicia Keyes said in a news release. “This tool can help make important connections so New Mexican business owners can focus on running and growing their businesses.”

The department said the Business Finance Finder has security audits and infiltration testing, among other data protection tools, to help keep information from businesses and financial institutions secure.

The department funded the creation of the Business Finance Finder through a grant from the Economic Development Administration CARES Act. The funds are meant to help “create programs that mitigate barriers and increase access to capital for business,” according to the release.

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