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New Mexico rolls out bilingual program to help small businesses access capital
Kristalee Jaramillo, 14, tends to customers at her family’s restaurant, Leroy’s New Mexican Food, in this file photo from July 2023. The state has rolled out Capital Connect to help small business owners overcome barriers in accessing capital.
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In New Mexico, where 99% of businesses are small businesses, accessing financial guidance and capital can be difficult, especially for first-time entrepreneurs and those who don’t speak English.
Recognizing the need, the state Economic Development Department has launched a new iteration of a program that will provide business owners with financial counseling and loan application readiness assistance in both English and Spanish.
“Providing bilingual assistance helps us build trust and make sure every New Mexico entrepreneur feels supported along the way,” state Economic Development Secretary Rob Black said in a statement.
The Capital Connect program is a free three-month cohort for 20 for-profit small businesses across the state, according to a state news release. The state is offering $4,000 in free consulting and coaching, group workshops and accounting help. All assistance will be fully bilingual, according to EDD officials.
“In all regards, the Latino, and mostly the Latina entrepreneurs, are the fastest growing entrepreneurs in the country,” said Ernie C’deBaca, president and CEO of the Albuquerque Hispano Chamber of Commerce.
The program is “something that’s needed,” C’deBaca said. “I know that it’s going to be welcomed.”
Jessica Lucero, owner of In the Middle: Thrift Reimagined, an Albuquerque-based thrift shop that opened this summer, received support through a previous cohort of the state program and the Women’s Economic Self-Sufficiency Team, or WESST. Lucero said the program was crucial to getting her business off the ground.
“I was getting my entire business plan put together, and weeks into it, I had 56 pages typed out with no idea what to do next,” Lucero said. “It was just immediate, the assistance that I received from them.”
Lucero said she was able to secure a $20,000 loan with the help of the counseling process. Business is going well at her store, and she hopes to expand in the future.
“I want to continue to support our community and grow,” Lucero said. “I am very much in a growth mindset. I know in my heart how great this would be, and I know how many problems this would solve for people.”
