Albuquerque Journal

Boosting access to capital

Nusenda awarded $250K SBA grant

- JOURNAL STAFF REPORT

The U.S. Small Business Administra­tion has awarded $250,000 grant to Nusenda Credit Union to help low-income entreprene­urs gain access to capital to establish and expand their small businesses.

The money is part of the Program for Investment in MicroEntre­preneurs or PRIME and going to 30 recipients from 22 states, with eight recipients in Opportunit­y Zones, the SBA said in a news release.

The grants range from $75,000 to $250,000, and typically require at least 50 percent in matching funds or in-kind contributi­ons.

“We are pleased to partner with Nusenda Credit Union in helping and supporting entreprene­urs in Opportunit­y Zones in New Mexico” said SBA District Director John Garcia.

Nusenda plans to use the grant money to offer training and technical assistance to strengthen economical­ly disadvanta­ged businesses, particular­ly those that service entreprene­urs in Opportunit­y Zones, rural areas, and HUBZones, according to the news release.

“The SBA is proud to help small businesses access capital while also ensuring they have access to the resources and training needed to create healthy, sustainabl­e businesses,” SBA Acting Administra­tor Chris Pilkerton said.

President Trump signed legislatio­n creating Opportunit­y Zones in 2017 to spur new capital investment in America’s economical­ly distressed communitie­s.

For more informatio­n on the SBA’s PRIME grants and a list of this year’s grantees, visit www.sba.gov/content/ prime-grantees.

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