ABQ Times

The City of Albuquerque has announced a new initiative to support local businesses by co-housing the New Mexico Minority Business Development Agency (NM MBDA) and the City of Albuquerque’s Small Business Office (SBO) in a historic building located in the Barelas neighborhood. This strategic move aims to streamline services and enhance the entrepreneurial ecosystem within Albuquerque and New Mexico from a central location at 700 4th SW.

Mayor Tim Keller emphasized the importance of this development, stating, “Making it easier for small business to succeed leads to a stronger economy where everyone has the opportunity to thrive. We’re giving small businesses a one-stop shop for support by bringing resources and services together under one roof.”

Senator Martin Heinrich also expressed his support for the expanded center, highlighting his role in securing federal funding: “Local businesses are the beating hearts of our communities and backbone of our economy. That’s why, four years ago, I wrote the federal legislative provision that re-opened New Mexico’s Minority Business Development Center and fought to fund its operations. And it’s why I am so pleased to celebrate this expanded Center in Albuquerque and the locations now open in Las Vegas and Las Cruces.” He noted that over $2.5 million in federal resources have been allocated to bolster local business support across New Mexico.

The SBO, established in 2019, offers various services aimed at assisting business owners with starting, expanding, or relocating their enterprises within Albuquerque. These services include connecting business owners with city agencies for help with permitting, licensing, business services, and understanding procurement processes.

Since its inception in December 2020, NM MBDA has supported over 500 socioeconomically disadvantaged businesses by providing bid opportunity sourcing, certification assistance, lending proposal packaging, capital access guidance, strategic planning consultation, international trade assistance, and training.

Gabriela Marques, Center Director for NM MBDA, remarked on the significance of this collaboration: “This new office represents a significant milestone in our partnership with the City of Albuquerque and our shared goal to lift up businesses in Albuquerque and across the state. It’s an opportunity to make a lasting impact on our economy by providing accessible, comprehensive support in one location.”

Recently recognized with a Century Club Award from the U.S. Minority Business Development Agency for surpassing success metrics such as job creation or retention and access to financing, NM MBDA continues its commitment to supporting minority-owned businesses. Additionally, SBO received a 2024 New Mexico IDEA Economic Development Excellence Award for its innovative approach to fostering an entrepreneurial culture.