Press Room
ACCIÓN extends a hand to small biz, start-ups in Ariz.
ACCIÓN New Mexico is growing, and that is good news for small and start-up businesses in more than just New Mexico. For the first time since its inception in 1994, the microlender is expanding beyond the borders of the Land of Enchantment — into neighboring Arizona.
The Albuquerque-based nonprofit microlender has been planning the expansion into the Phoenix and Tucson markets for some time. That effort got a boost from a $1.07 million grant from the U.S. Treasury Department. The allocation of the money, administered through the federal agency’s Community Development Financial Institutions Fund (CDFI), was announced Aug. 26. It gives ACCIÓN additional monies to support its programs in the two states.
ACCIÓN’s expansion has also brought about a name change. The organization now will be called ACCIÓN New Mexico - Arizona.
ACCIÓN Executive Vice President Marisa Barrera, a 12-year veteran of the microlender, recently moved to Tucson and will supervise the Arizona market.
Roberto Valdez-Beltran has been hired as a loan officer in the Tucson market. He is bilingual in English and Spanish. Bank of the West will work with ACCIÓN to close loans in the city. The bank, which also has offices in New Mexico, made a $300,000, zero-interest line of credit available for ACCIÓN’s lending program and expansion.
ACCIÓN also will hire a loan officer for the Phoenix market. First Community Bank, whose parent company is Albuquerque-based First State Bancorporation, made a $1.2 million, zero-interest investment in ACCIÓN and will help the nonprofit close loans in the Phoenix area.
The loan officers will work from home for now, said Lynn Trojahn, vice president of advancement for ACCIÓN New Mexico - Arizona, although the organization might have its own office space at some point.
“Right now we’re looking at what we feel will be most efficient,” she said. “We’ve been very efficient in New Mexico by having banking partnerships so we don’t have to invest in infrastructure.”
The expansion triples the market ACCIÓN can serve in the two states, Trojahn added. New Mexico’s population is about 1.9 million. Phoenix has 5 million residents and Tucson 1 million.
“But the best news is, the more volume we do in Arizona, the more we can do in New Mexico,” she added.
Trojahn said by volume she means ACCIÓN can offer more lending opportunities, more financial training programs and mentorships, and more new products and services to clients and potential clients. ACCIÓN’s loans range from $200 to $150,000, added Trojahn.
ACCIÓN is also doing a feasibility study to look at expansion in Colorado, she added. But Arizona was the more pressing priority. Barrera’s presence in Tucson was a big factor, she said, because she has worked in every position in the organization. ACCIÓN also had the bank partners in place, which will allow the group to start lending and then raise money after the project is up and operating.
Trojahn said Phoenix also has a higher percentage of foreign-born immigrants than New Mexico, and that’s important because proportionally, more of the startup and small businesses ACCIÓN traditionally serves come from that population. Also, there was a need for a group like ACCIÓN in the market, she added.
“We can’t wait to translate it [the Treasury Dept. award] into greater opportunities for hard working and visionary entrepreneurs throughout our region,” said ACCIÓN’s President and CEO Anne Haines Yatskowitz. “Mom and pop businesses, home-based enterprises and small businesses fuel our economy.”
In its 14-year history, ACCIÓN has lent more than $23.1 million to small business borrowers through more than 3,800 loans. The lender serves entrepreneurs in more than 155 rural and urban New Mexico communities through partnerships with local banks and organizations.
The Albuquerque-based nonprofit microlender has been planning the expansion into the Phoenix and Tucson markets for some time. That effort got a boost from a $1.07 million grant from the U.S. Treasury Department. The allocation of the money, administered through the federal agency’s Community Development Financial Institutions Fund (CDFI), was announced Aug. 26. It gives ACCIÓN additional monies to support its programs in the two states.
ACCIÓN’s expansion has also brought about a name change. The organization now will be called ACCIÓN New Mexico - Arizona.
ACCIÓN Executive Vice President Marisa Barrera, a 12-year veteran of the microlender, recently moved to Tucson and will supervise the Arizona market.
Roberto Valdez-Beltran has been hired as a loan officer in the Tucson market. He is bilingual in English and Spanish. Bank of the West will work with ACCIÓN to close loans in the city. The bank, which also has offices in New Mexico, made a $300,000, zero-interest line of credit available for ACCIÓN’s lending program and expansion.
ACCIÓN also will hire a loan officer for the Phoenix market. First Community Bank, whose parent company is Albuquerque-based First State Bancorporation, made a $1.2 million, zero-interest investment in ACCIÓN and will help the nonprofit close loans in the Phoenix area.
The loan officers will work from home for now, said Lynn Trojahn, vice president of advancement for ACCIÓN New Mexico - Arizona, although the organization might have its own office space at some point.
“Right now we’re looking at what we feel will be most efficient,” she said. “We’ve been very efficient in New Mexico by having banking partnerships so we don’t have to invest in infrastructure.”
The expansion triples the market ACCIÓN can serve in the two states, Trojahn added. New Mexico’s population is about 1.9 million. Phoenix has 5 million residents and Tucson 1 million.
“But the best news is, the more volume we do in Arizona, the more we can do in New Mexico,” she added.
Trojahn said by volume she means ACCIÓN can offer more lending opportunities, more financial training programs and mentorships, and more new products and services to clients and potential clients. ACCIÓN’s loans range from $200 to $150,000, added Trojahn.
ACCIÓN is also doing a feasibility study to look at expansion in Colorado, she added. But Arizona was the more pressing priority. Barrera’s presence in Tucson was a big factor, she said, because she has worked in every position in the organization. ACCIÓN also had the bank partners in place, which will allow the group to start lending and then raise money after the project is up and operating.
Trojahn said Phoenix also has a higher percentage of foreign-born immigrants than New Mexico, and that’s important because proportionally, more of the startup and small businesses ACCIÓN traditionally serves come from that population. Also, there was a need for a group like ACCIÓN in the market, she added.
“We can’t wait to translate it [the Treasury Dept. award] into greater opportunities for hard working and visionary entrepreneurs throughout our region,” said ACCIÓN’s President and CEO Anne Haines Yatskowitz. “Mom and pop businesses, home-based enterprises and small businesses fuel our economy.”
In its 14-year history, ACCIÓN has lent more than $23.1 million to small business borrowers through more than 3,800 loans. The lender serves entrepreneurs in more than 155 rural and urban New Mexico communities through partnerships with local banks and organizations.
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Please contact Heather Wood at hwood@accionnm.org regarding any errors or requested revisions.