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Rural Housing and Economic Development Grant to Fund Project in Southern NM

ACCION New Mexico is receiving federal funding to boost community development efforts in southern New Mexico colonias by providing targeted access to small business credit and financial training to emerging entrepreneurs.

Housing and Urban Development Secretary Alphonso Jackson was in Albuquerque Friday to announce the $300,000 grant for the nonprofit small business lender, along with more than $2 million in additional rural housing and economic development funding for other New Mexico institutions. U.S. Rep. Heather Wilson, R-N.M., joined the secretary in making the announcement.

“This funding will help stimulate critically needed business development, and that ultimately means jobs in these rural communities,” Jackson said.

The grant will fund a three-year project targeting the colonias of Doña Ana, Luna and Hidalgo counties. ACCION officials propose that between 2007 and 2009, the organization will make approximately 51 small business loans totaling $255,000 for microbusinesses in those colonias.

ACCION is providing $150,000 in matching funds to be used for portfolio capital in these distressed areas. ACCION officials said the project will spur the development of new small and minority-owned businesses, support job creation and provide financial literacy and technical assistance training to entrepreneurs.

Wilson congratulated ACCION New Mexico for its work providing access to credit for innovative and passionate entrepreneurs who may not otherwise have the capital to start or expand a business. “I love ACCION because they’re so far out of the box, they don’t even know there’s a box,” Wilson said.

The U.S. Department of Housing and Urban Development defines colonias as rural communities and neighborhoods located within 150 miles of the U.S.-Mexican border that lack adequate sewer, water, and/or housing. These areas also typically lack other basic services, such as electricity, garbage service, water drainage, schools and community facilities. They come in all types, ranging from entire border communities to remote subdivisions.

Contact:
Leslie Hoffman, ACCION communications director
(505) 243-8844 ext. 238
(505) 270-0285 cell