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2024 guide to small business Funding, part 1

updated 01/19/2024

Intro banner for part 1 of the 2024 ultimate guide to funding small businesses in new mexico

This blog series began with a list of 70 funding sources and financial resources in 2020. It is regularly updated with new and current information. The single post has now grown into a series.

This is Part 1 of the 2024 Ultimate Guide to Funding Small Businesses in New Mexico. This post includes:

Graphic banner for introduction section of part 1 of funding small businesses

Why Sharing This Info Matters

The primary sources of funding for start-ups come from home equity and personal assets, personal credit cards, and personal savings.

About 50% of businesses fail within the first 5 years. According to the Small Business Administration, this fact holds true across industries.

The SBA also says the main reasons small businesses fail are 1) lack of funds, 2) poor management, 3) a faulty business model, and 4) ineffective marketing. These can all be mitigated through proper planning.

Strategic planning is only as good as the research you do. Research takes time. I think it's fair to say that most small business owner's do not have a lot of free time on their hands.

Over 53.7% of working New Mexicans are employed by a small business.

99% of businesses in New Mexico are small businesses.

53.7% of the $3.6 billion in exports out of New Mexico came from small businesses.

Small businesses keep New Mexicans employed and drive the state's economy. We ALL benefit when a small business owner succeeds.

So - I compiled this information to take away a few potential obstacles. There is no reason you should carry the financial burden - considering how much you contribute to our economy.

Even with removing the obstacles of "time for research" and "know about funding opportunities", there is still a lot of work to be done to get funded. The process requires patience, perseverance, resiliency, and effort. The first stage of planning should include the following:

1) Know where you are at financially.

Be honest with yourself (and in your financial reports) about your finances.

2) Look at what changes you can make to improve your finances before you seek funding. 

Look at where you can reasonably cut costs without negatively impacting operations. Do systems improvements and get more efficient. Develop some creative strategies for building your network and growing your customer base.

3) Consider all the funding options. 

Don't dismiss a funding option before you look into it just because it didn't work before or because of what you think you know about it. Do some research, get current info, look for new opportunities, and THEN make a decision.

4) Have a business plan.

The majority of funders or lenders will want to see a professional business plan, with specific topics discussed and financial reports.

Contact DHSolutions for help with your small business planning

Once you have an idea of what your financial situation is and what your needs are, contact organizations on this resource list. Let people help you through this process.

Banner for intro section of part 1 of 2024's guide to funding small businesses financial resources and trainings

Get Support Finding Funding

Here are free or inexpensive small business resources and trainings, local entrepreneur mentor groups, and small business consultants who support New Mexico businesses.


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DH Solutions

DH Solutions - that's me! I help small business owners and nonprofit leadership with developing creative strategies, realistic plans, and efficient systems. I help bring it all together by writing business documents, such as business plans, start-up budgets, SOPs, handbooks, toolkits, and trainings - all of which maintain your business voice and communicate to the audience in a memorable way.

Contact me for a free intro discussion.

Prospera Partners

Vicki Pozzebon and her team are amazing. They work with small business owners and social entrepreneurs on business planning, strategy development, and building community. Each of them brings vast knowledge, deep compassion, and innovative thinking to facilitated group discussions. Their strategic planning and guidance is transformative, they help build networks, and they inspire change for social good.

Roanhorse Consulting

Roanhorse Consulting is an indigenous-led firm that purposefully works to change power dynamics in health and wealth systems. The work they have done while consulting businesses and mentoring indigenous entrepreneurs has led to significant positive change in our communities.


1 Million Cups - Albuquerque logo

1 Million Cups - Albuquerque

Every Wednesday, 1 Million Cups provides a supportive, inclusive space for entrepreneurs and their communities to gather and connect, where they can work through business challenges and identify opportunities.

Chambers of Commerce (click to expand)

Coffee + Creatives

Coffee + Creatives is a Facebook and meet-up group for creative small businesses based in New Mexico. One of the group admins, Joe Cordillo, created an Airtable database of funding opportunities that are geared to creatives and artists.

Business Incubators

The EDD shared this list of business incubators in New Mexico.

New Mexico Black Leadership Council logo

New Mexico Black Leadership Council

NMBLC is a nonprofit that serves as a hub for creating a viable and sustainable social profit sector to serve the Black community in New Mexico. They build capacity in five key areas: Cultural Vibrancy, Health (Physical, Behavioral, and Financial), Positive Youth Development, Leadership Development, and Civic Engagement.

New Mexico Community Capital logo

New Mexico Community Capital

NMCC provides trainings and resources to Native American-owned businesses and tribal enterprises, including their Native Entrepreneur in Residence Program.

New Mexico Small Business Development Network logo

New Mexico Small Business Development Network

The New Mexico Small Business Development Network is a network of experienced business people who introduce entrepreneurs to global trade resources. The site also has lots of resources and templates for small business owners to use.

  • Their resource page on Access to Capital has helpful worksheets and templates, including a Loan Proposal Checklist, Balance Sheet Glossary of Terms, Helpful Financial Ratios, and a Startup Budget Template.

  • The Procurement Technical Assistance Center (PTAC) introduces established businesses to getting contracts with government agencies.

SCORE logo


Score provides free and confidential mentoring to business owners through ongoing relationships with highly experienced and knowledgeable volunteer mentors. They are thoughtful and bring a diversity of ideas and rich backgrounds to guide all of us toward a prosperous future.

Taos Entrepreneurial Network logo

Taos Entrepreneurial Network

The Taos Entrepreneurial Network promotes healthy, organic rural economic development opportunities through business and entrepreneurial support.


they provide an open-use accounting resources guide that can be used by business owners across the country to help gain a successful financial footing.

Ascent logo


Ascent is a free learning platform for women entrepreneurs available at the Small Business Administration.

Bankrate logo


Bankrate provides educational and financial tools. They shared this great post with funding opportunities for Latino entrepreneurs, including a list of Credit Unions that do not require a Social Security number to get a loan.

City of Albuquerque Economic Development logo

City of Albuquerque Economic Development

The City of Albuquerque Economic Development Department provides one-on-one support, technical support, connection to resources, and guidance navigating other Albuquerque agencies.

City of Santa Fe Office of Economic Development logo

City of Santa Fe Office of Economic Development

The City of Santa Fe Office of Economic Development promotes local business development and expansion.

Color Theory logo

Color Theory

Color Theory promotes entrepreneurship among low-income, Spanish-speaking, immigrant and Native American individuals by connecting them to resources, trainings, work-spaces, and loan opportunities.

FinImpact logo


FinImpact uses an algorithm to evaluate your form submission to match you with relevant screened funders.

First Nations Oweesta Corporation log

First Nations Oweesta Corporation

Oweesta provides the training, tools, and capital that Native business owners need to be successful.

Freelancers Union logo

Freelancers Union

The Freelancers Union provides extensive resources and networking opportunities for freelancers.

Native Women Lead logo

Native Women Lead

Native Women Lead is a nonprofit that revolutionizes systems and inspires innovation by investing in and training Native Women in business.

NerdWallet logo


NerdWallet has lots of informative articles relating to business finances. They also have  a Small Business Loan Calculator where you can get an idea of how much your payments would be for a given loan amount or how large of a loan you can afford to pay each month.

New Mexico Economic Development Department logo

New Mexico Economic Development Department

Staff will walk you through different funding opportunities. They also have an extensive Business Resource Directory that covers the entire state of New Mexico. They have several funding opportunities, which are listed in Part 2 of the blog post series.

New Mexico Manufacturing Extension Partnership logo

New Mexico Manufacturing Extension Partnership

NMMEP's ’s team of manufacturing and engineering experts are available to assist manufacturers in overcoming barriers to growth. Small and mid sized manufacturers can get assistance with:

  • Process optimization

  • Product development

  • Scale-up processes

  • Lean methodologies

  • Workforce development

  • Growth services

  • Efficiency

  • Quality Management Systems

  • Manufacturing safety

  • Supply chain

  • Connections

North Central New Mexico Economic Development District  logo

North Central New Mexico Economic Development District

This is the regional Council of Governments for Santa Fe, Rio Arriba, Taos, Colfax, Mora, San Miguel, Los Alamos, and Sandoval counties. They administer grants from the US Economic Development Administration. Specific funding opportunities are listed in Part 2 of the blog post series.

Operation Hope

Operation Hope recognizes that economic inequality, financial literacy, social injustice, inequitable access to capital, and a lack of financial dignity are real and system issues that have hindered economic growth and opportunity for under-served individuals and small businesses. Their programs include financial training, small business development, and employee financial wellness.

Procurement Technical Assistance Center logo

Procurement Technical Assistance Center

This is a government-funded program providing assistance to small businesses who want to sell their goods or services to the government, educational institutions, or tribal entities.

Regional Development Corporation logo

Regional Development Corporation

This is a nonprofit that provides technical assistance to facilitate job growth in Los Alamos, Mora, Rio Arriba, Sandoval, San Miguel, Santa Fe, Taos, and the municipalities and Native American Pueblos therein. Specific funding opportunities are listed in Part 2 of the blog post series.

Santa Fe County logo

Santa Fe County Business Retention & Expansion

Part of the Growth Management Department. They will connect businesses with resources, funding opportunities, networking, marketing, and more.

Small Business Administration logo

Small Business Administration

The SBA is a federal agency dedicated to supporting small businesses. They have a plethora of resources and guides, such as the Small Business Resource Guide - New Mexico Edition 2020. Specific funding opportunities are listed in Part 2 of the blog post series.

 Southwest Business Development Consultants logo

Southwest Business Development Associates

SBDC is an Albuquerque-based American Indian firm with a vision of providing comprehensive business, community and economic development services to American Indian & minority-owned businesses, tribal enterprises, tribal organizations, local, state, and federal government agencies and private sector firms.

University of New Mexico Bureau of Business and Economic Research logo

UNM Bureau of Business & Economic Development

The University of New Mexico Bureau of Business & Economic Development provides research and information services for businesses and economic development organizations. BBER maintains a socioeconomic data bank and serves as a repository for U.S. Census Bureau data.

Ureeka logo


Ureeka (now a part of ZenBusiness) is the SMB growth engine that helps small businesses build their digital presence to expand existing and acquire new customers. They focus on the two key areas that fuel business growth: having sound website mechanics and an effective marketing strategy. ZenBusiness is a subscription service for entrepreneurs. (The first level is free.)

US Bank

US Bank has extensive resources for small businesses in their Business Resource Center and hey have a team of Business Access Advisors. They also started Access Commitment, a program that provides multiple levels of support to under-served communities. The program started with a focus on Black business owners but was expanded in 2023 with programs for Hispanic business owners.

logo for U.S. Dept. of Commerce, NM - Minority Business Development

U.S. Department of Commerce, Minority Business Development Agency

The local office of the U.S. Department of Commerce, Minority Business Development Agency is the only federal agency solely dedicated to the growth and global competitiveness of minority business enterprises.

The staff can help you figure out funding if you are looking to grow in size, scale, and/or capacity.

Here are links to specific programs:

The U.S. Department of Veterans Affairs Office of Small and Disadvantaged Business Utilization logo

U.S. Department of Veterans Affairs Office of Small & Disadvantaged Business Utilization

The U.S. Department of Veterans Affairs Office of Small and Disadvantaged Business Utilization provides aid, counsel, and assistance, and protects the interests of small and Veteran business concerns.

US Small Business Administration Veterans Business Outreach Centers logo

U.S. Small Business Administration, Veteran Business Outreach Centers

VBOC provides entrepreneurial development services such as business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard and reserve members, and military spouses interested in starting or growing a small business.

Banner for section about other posts in the series.

2004 Guide to Funding Small Businesses in New Mexico


I'm not promoting, recommending, or advocating for any of these institutions (except for Prospera Partners and Score, because I have personally experienced how awesome they are, and myself, because I'm awesome, too.)

The organizations, their services, and their websites are are shared so you have the tools and information you need to make the best financial decision for you and your business.

This list is only useful if the people that need it see it. There's enough funding out there for all of us to succeed, so please share among your networks.

If you know about a funding opportunity that's not listed, please send me a message.

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