The Finacial and Business Basiscs program serves Native American families in developing better budgeting tools; address issues of debt; and learn to apply these principles in small locally owned businesses. Work will begin in Central and Northern New Mexico and grow to include mid-western U.S. tribal communities. Multiple studies have indicated that 3 top barriers to financial sustainability in Native American communities are: Lack of business related financial literacy; Lack of basic business education in the general community; and lack of entrepreneurial skills and experience. Our market experience in the NEIR Program, coupled with these studies, led to this grant which will bring these tools to a younger audience, closer to home, in pueblos and reservations.
New Mexico Community Capital (NMCC) is a certified nonprofit CDFI created in 2004 and then was certified as a Native CDFI in 2011. The organization has offered capital to high-growth New Mexican businesses and native entrepreneurs combined with expert technical assistance to help them grow. The organization has worked to create financial returns, constructive economic/community development and social “good." In doing so, it possesses a strong understanding of the effects these varying approaches have had on the success of entrepreneurship and economic improvement for the state. Our work with native entrepreneurs and the broader Tribal communities has been particularly instructive and important. In 2009, with funding from the U.S. Department of Treasury, Native American CDFI Assistance (NACA) funds, NMCC developed a Tribal Business Initiative (TBI) to develop and then finance businesses owned by a U.S. Federally recognized tribal member(s). The expertise gained and relationships built over the past few years constitutes NMCC’s current competitive advantage, enabling the organization to target innovative solutions to the variety problems confronting Native-owned businesses and Native entrepreneurs. With the development of our flagship program as a direct result of our Tribal Business Initiative, the Native Entrepreneur in Residence Program (NEIR), NMCC focuses on providing financial products and services tailored to the needs of native entrepreneurs and targeted to promoting economic self-sufficiency for Native individuals, families and communities. By increasing opportunities for entrepreneurship and workforce development, business financing and good jobs, the organization fills an important gap to native enterprises and tribal communities that are still systematically under-served by most traditional capital providers and networks. For more information on NEIR, to apply to participate, or to qualify to become a business advisory mentor, please visit the program page directly: www.neirprogram.org.
219 Central Ave NW, Suite 200