FOR IMMEDIATE RELEASE

August 14, 2020

Haaland Focuses on Small Business Resources, Paycheck Protection Program During Virtual Event

Albuquerque, N.M. – On Thursday during a roundtable with representatives from the Small Business Administration (SBA) and Community Development Financial Institutions (CDFI), Congresswoman Deb Haaland (NM-01) discussed the impact of emergency small business loans and the Paycheck Protection Program on Community Development Financial Institutions in New Mexico. Haaland has met with small businesses and connected them with resources throughout the pandemic, and today’s roundtable was an extension of her efforts to support the resources that keep small businesses viable and workers paid.

“Local small businesses are struggling to survive right now so I held a listening session with the Small Business Administration and Community Financial Institutions to learn more about how we can serve the businesses that have kept our economy going,” said Congresswoman Deb Haaland. “We discussed the hurdles that stand in the way for economic recovery and how we can make more resources available for business owners and entrepreneurs. The next relief package will be imperative to ensure our state can weather the economic crisis that came with this pandemic.”

The SBA and CDFI’s work in tandem to deliver financial resources and capital to small businesses during this pandemic. During today’s discussion, Haaland worked to bridge gaps that became prevalent in administering Payment Protection Program and Economic Injury Disaster Loans at the beginning of the COVID-19 pandemic. Since March, the New Mexico Small Business Development Centers (SBDC) have experienced an unprecedented increase in the number of business owners seeking assistance.

“Covid-19 created the ultimate all hands on deck situation and it was critical to be able to leverage all 18 SBDC centers across the state to get the help out to the small businesses where and when it was needed,” said Mr. Wyrick. “Over the last 31 years, the SBDC has served as the boots on the ground business assistance program for the state so to speak. We knew what we had to do, there were thousands of small businesses depending on the SBDC to help them navigate the various federal, state and local loan programs, my team was not about to let them down.”

“WESST has a responsibility to be part of the economic solution and help our small business clients survive during these difficult times,” says WESST President Agnes Noonan.  “ In addition to continuing to fulfill our existing mission of being a home to entrepreneurs and providing a support system of training, consulting and lending to underserved business owners and aspirants across the state, we implemented our RISE program to help guide our clients, new and old, in pivoting their businesses where necessary, finding new markets, especially online, and giving them the access to the capital and grant and loan programs that the SBA and state and local governments have initiated.”

“Every dollar Native Community Capital deploys to serve Native owned small businesses goes to maintain jobs, provide critical products or services and build tribal economies.  While Wall Street gains from the economic chaos of this time and pays executives bonuses, Native small businesses and tribal governments are bearing the brunt of keeping food on the table and keeping economic activity flowing to benefit the average citizen. More support, funding and swift action by Congress and White House for rez-town heroes, Native CDFI’s and all those working to get on the other side of a disastrous year is needed,” said Dave Castillo Chief Executive Officer of Native Capital Access. 

“The small business owners and nonprofit organizations that DreamSpring serves have demonstrated awe-inspiring resilience, ingenuity and perseverance despite continuing unimaginable economic hardship due to the impacts of COVID-19. Their tenacity is our motivation; their vision, our future. Through participation in the U.S. Small Business Administration Paycheck Protection Program (PPP), DreamSpring has helped small business owners preserve nearly 5,000 jobs across New Mexico, through more than 800 PPP loans totaling over $30 million,” said Anne Haines, President and CEO of DreamSpring.

Haaland introduced the Paycheck Protection Program and Health Care Enhancement Act that includes $310 billion in additional funding for the Paycheck Protection Program, with $30 billion designated for community lenders, small banks, and credit unions; and $30 billion for medium-sized credit unions and banks. The bill became law April.

Haaland is the lead for the Native American Business Incubators Program Act, which increases access to capital for business investment and growth through three-year grants for business incubators with ties to tribal communities, education institutions, and other organizations to expand assistance to a broad range of business sections and incubation methods.