Albuquerque-based nonprofit New Mexico Community Capital has landed a $1.2 million from the W.K. Kellogg Foundation to expand its workforce training program to Native Americans in the state.
The new Financial and Business Basics Program will be delivered in partnership with at least six tribes in central/northern New Mexico, according to Peter Holter, managing director of entrepreneurial services with NMCC.
“Native Americans living on tribal lands face great challenges trying to start or expand businesses to achieve profitability and financial security for their families,” said Holter. “Most lack access to affordable financial products. Many struggle to prepare competitive business plans and funding applications. They lack access to consistent business expertise, free support services, and peer networks.”
Holter said the program is for Native adults age 18 and older in low-income households with at least one child under 8 years of age.
The new program is an extension of NMCC’s Native Entrepreneur in Residence program, created in 2014. Holter said 24 graduates from that program have created 84 new jobs and $7.36 million in new gross revenues.
“Since its start, the program has expanded to serve participants not only from New Mexico, but also from Oklahoma, Montana, South Dakota, Arizona, and California,” Holter said.
In 2015, NMCC created a $2 million fund for its residence program.
In 2014 NMCC ranked No. 5 in the state by total capital under management at $14.65 million, according to Business First’s Venture Capital Firms list.