ACCIÓN Extends Hand to Small Businesses, Start-ups in Ariz.

PHOENIX (New Mexico Business Weekly) September 8, 2008 — ACCIÓN New Mexico is growing and that is good news for small and start-up businesses in more than just New Mexico. For the first time since its inception in 1994, the micro-lender is expanding beyond the borders of the Land of Enchantment — into next door neighbor Arizona.

The Albuquerque-based financial nonprofit has been planning the expansion into the Phoenix and Tucson markets for some time. The plan was given a boost because of a $1.07 million grant from the U.S. Treasury Department. The allocation of the money, administered through the federal agency’s Community Development Financial Institutions Fund (CDFI), was announced late last week and gives ACCIÓN additional monies to support its programs in the two states.

ACCIÓN’s expansion has also brought about a name change. The organization now will be called ACCIÓN New Mexico - Arizona.

ACCIÓN Executive Vice President Marisa Barrera, a 12-year veteran of the micro-lender, recently moved to Tucson and will supervise the Arizona market.

Roberto Valdez-Beltran has been hired as a loan officer in the Tucson market. Bilingual in English and Spanish, he will work out of the Bank of the West, which has eight offices in that southern Arizona city. Headquartered in San Francisco, the bank, which also has offices in New Mexico, made a $300,000, zero-interest line of credit available for ACCIÓN’s lending program and expansion.

ACCIÓN also will hire a loan officer for the Phoenix market. That individual will work out of one of the First Community Bank offices in Arizona’s capital city. First Community, whose parent company is Albuquerque-based First State Bancorporation, made a $1.2 million, zero-interest investment in ACCIÓN’s programs.

“This triples the market we can serve in the two states, considering New Mexico’s 1.9 million population and the fact that Phoenix has 5 million residents and Tucson 1 million,” notes Lynn Trojahn, vice president of advancement for ACCIÓN New Mexico - Arizona. “But the best news is the more volume we do in Arizona, the more we can do in New Mexico.”

By volume, Trojahn explains she means more lending opportunities, more financial training programs and mentorships, and more new products and services, among others, can be offered to ACCIÓN’s clients and potential clients. ACCIÓN's loans range from $200 to $150,000, adds Trojahn.

Trojahn says Phoenix has a higher percentage of foreign-born immigrants than New Mexico and that’s important because proportionally, more of the start-up and small businesses ACCIÓN traditionally serves come from that population.

Adds ACCIÓN’s President and CEO Anne Haines Yatskowitz, “We can’t wait to translate it the Treasury Dept. award] into greater opportunities for hard working and visionary entrepreneurs throughout our region. Mom and pop businesses, home-based enterprises and small businesses fuel our economy.”

In its 14-year history, ACCIÓN has lent more than $23.1 million to small business borrowers through more than 3,800 loans. The lender serves entrepreneurs in more than 155 rural and urban New Mexico communities through partnerships with local banks and organizations.