Last Updated on August 23, 2023 by Hannah Stevens
Black, Latino, LGBTQ+, women, and other minority owned (or managed) businesses in New Mexico can get financing from various loan or free grant programs. There are several programs, banks, and lenders listed below that issue funds. The list of grants and loans is up to date. The funds are for any small to mid-sized business in New Mexico, but some of the money will be designated for minority, veteran, and women businesses.
Each of the financial assistance programs has its own application process with terms and conditions needed. The amount of funding will also vary. There may be funds to help a small business grow its sales or maybe help them keep their “doors” open. Moreover, the banks, non-profits, corporations and government agencies will always allocate a certain amount of loans and grants for Latino and Black businesses, as well as grants for women owned businesses, and other disadvantaged businesses.
While most of the small business loans and free grants are for companies in Albuquerque and Santa Fe, assistance is available across the state. The grant programs and loans for BIPOC (Black, Indigenous, and People of Color) as well as MWBE owned businesses also often come with free counseling and business advice.
Small Business Loans and Free Grants for Women or Minorities in New Mexico
Any business in New Mexico can apply for funds. However, the lenders and/or programs listed below allocate a certain amount of funds to minority companies, including Black, Latino, Asians, LGBTQ+, and other groups. Women owned companies in the state can also get assistance.
Ongoing and Year Round Assistance in New Mexico
New Mexico Community Capital
A non-profit organization that focuses on Native Americans and tribal families. You can get free grants and referrals for microloans. In addition to grants and loans, small businesses owned by Native Americans and immigrant immigrants (and start-ups) can get free digital marketing advice and help.
Arrowhead Center
The Arrowhead Center provides assistance to entrepreneurs and small-business owners, especially women and people of color. The Accelerator Program can assist with capital raising (including low-cost loans or grants). They also offer business plan development, business launching, and setting up LLCs or corporations. The majority of their assistance is provided at no cost.
This is quite similar to one of the free grants and loans for minority and women owned businesses in New Jersey, the Minority Business Development Agency (MBDA).
WESST
Their clients include immigrants, minorities, veterans, Latinos and other people. They can help start-ups and existing businesses. They also offer everything from microloan application to coaching, financial literacy, business plan development training. Moreover, they provide consulting/coaching, accounting resources, referrals for grants, and many other services. WESST also runs the Women’s Business Centers of New Mexico. They help women become self-employed, even as sole-proprietorships.
This is quite similar to one of the free grants and loans for minority and women owned businesses in New York, the Harlem Commonwealth Council.
