Supporting Grassroots Economic Development
To foster new business development, we have partnered with the state Economic Development Department and local communities to bring Ernesto Sirolli's Institute of Entrepreneurial Development to three rural communities - Silver City, Deming, and Taos. Along with requisite training in the Sirolli practice, the community board hires an enterprise facilitator who proactively seeks out local residents with the skills and passion to start their own businesses. The facilitator connects these entrepreneurs with existing business support programs such as microlenders, individuals, and small business development centers who have the financial and marketing skills to assist them in attaining success.
We are also enthusiastic supporters of microlending agencies. These agencies provide both capital and training to microbusinesses. In addition, the Foundation continues to support small business incubators in rural and urban communities. Business incubation has a long history of success around the country, but has received little public support in New Mexico. It remains an underutilized resource for business creation and growth in New Mexico.
Recognizing that existing businesses in New Mexico with expansion potential face a capital availability gap, the Foundation played a role in the creation of the New Mexico Community Capital Corporation in 2004. In partnership with McCune, New Mexico banks, other foundations, and state government are participating in the fund, whose purpose has a triple bottom line: to make a profitable return on its investment, to provide well-paying jobs with health benefits, and to be environmentally harmless. This is the first community development venture capital corporation in the Southwest, and it fills the capital availability gap by making equity investments of $300,000 to $500,000 in companies which will add a substantial number of jobs through this expansion.