The United States Small Business Administration is the federal agency charged with the mission of helping small businesses be successful and create jobs. To carry out that mission, SBA operates in 5 main areas in New Mexico, which are:
• Financial Assistance, guarantees of bank loans and surety bonds to help small business owners obtain financing that would otherwise be available.
• Contracting, the United States Government is the world’s largest customer and has a goal to do 23% of its procurement from small businesses. SBA provides the interface between small businesses that wish to sell to the government and the procuring agencies, as well as managing the 8(a) and HUBZone certifications.
• Management Assistance, SBA helps business owners with business planning, training and improving their operations both through its own resources and with the assistance of its Resource Partners, the Small Business Development Centers (SBDC), the Service Corps of Retired Executives and the Women’s Business Centers, which is WESST Corp in New Mexico.
• Advocacy, SBA watches out for the actions of other federal agencies and endeavors to make sure they think about the impact on small business of their regulatory processes and internal procedures.
• Disaster Recovery, SBA is the agency that provides disaster loans not only to small businesses but also to homeowners and renters.
The American Recovery and Reinvestment Act signed by President Obama on February 17, 2009 provides SBA with additional resources to help small businesses get through these difficult times and thrive going forward. The percent we can guarantee on bank loans increased, fees charged to borrowers were eliminated and the maximum size of the Surety Bonds we can guarantee was increased in some cases by 500%. Additional provisions of the Recovery Act are soon to be announced.
For more information about how SBA can help your business, you can call the SBDC in Carlsbad at (575) 885-9531 or the New Mexico District office at (800) 726-3632, Option 2, Option 3.
John C. Woosley
United States Small Business Administration
625 Silver Ave. SW, Suite 320
Albuquerque, NM 87140
Phone: (505) 248-8238 Fax: (202) 741-6927