U.S. TREASURY AWARD PUTS N.M. IN NATIONAL SPOTLIGHT
Albuquerque, N.M. (Aug. 29, 2008) – New Mexico’s and Arizona’s small business communities will benefit from $1.07 million awarded to ACCION New Mexico by the U.S. Department of Treasury’s community development program for its grass-roots approach to small business financing.
Funds were administered through the Treasury Department’s Community Development Financial Institutions Fund (CDFI). Of the total CDFI funding, $1 million is expected to support ACCION’s lending capacity for small and start-up businesses, while an additional $72,236 will support overall operations including staff salary, technology upgrades and for marketing materials.
“We are thrilled to learn of this financial award from the US Department of Treasury,” said Anne Haines Yatskowitz, president and CEO of ACCION New Mexico • Arizona. “We can’t wait to translate it into greater opportunities for hard working and visionary entrepreneurs throughout our region. Mom and pop businesses, home-based enterprises and small businesses fuel our economy.”
ACCION’s mission is to break down barriers to credit for emerging entrepreneurs whose small capital needs, credit history or lack of collateral may prevent them from qualifying for bank financing.
Since its inception in 1994, ACCION New Mexico • Arizona put more than $22.7 million into the hands of entrepreneurs through 3,880 small business loans. The organization serves entrepreneurs in more than 155 urban and rural New Mexico communities including Alamogordo, Albuquerque, Belen, Deming, Española, Farmington, Gallup, Grants, Holman, Las Cruces, Las Vegas, Raton, Roswell, Santa Fe, Silver City, Socorro, Taos, Texico and Truth or Consequences, through partnerships with local banks and organizations.
“ACCION is excited to receive this breakthrough grant from the CDFI Fund,” said Lynn Trojahn, vice president of advancement at ACCION. “This investment will support our current operations and their enhancement, expanded lending into Tucson and Phoenix and will catalyze our support to ACCION entrepreneurs through mentorship, workshops and one-on-one financial literacy training and education.”