WASHINGTON — U.S. Senators Tom Udall and Martin Heinrich and U.S. Representative Deb Haaland announced that the U.S. Department of Commerce’s Economic Development Administration (EDA) has awarded $295,375 to Central New Mexico Community College (CNM) to enhance and develop the ABQid Seed Fund, which will support a diverse, inclusive population of entrepreneurs and business owners in Central New Mexico.
The project will expand the ABQid Seed Fund by merging two non-profit organizations -- ABQid and CNM Ingenuity -- under the umbrella of CNM to support entrepreneurs and innovative startups focused on technology in the health, defense, and biotech industries. ABQid Seed Fund will raise and provide capital to invest in promising new start-ups and innovative early-stage companies across New Mexico.
“Too many young entrepreneurs spend years raising funds to launch promising start-ups when it should only take months. The ABQid Seed Fund is key to unlocking early stage capital for these new businesses, fostering entrepreneurship, and investing in New Mexico’s high-growth industries. As a senior member of the Senate Appropriations Committee, I’m committed to making sure that a diverse future generation of entrepreneurs has access to the capital they need to grow small businesses and local economies across New Mexico,” said Udall.
“I am focused on building opportunities for new and small business owners – including tomorrow’s entrepreneurs,” said Heinrich, a member of the Joint Economic Committee. “New Mexico has unique opportunities to grow whole new industries in diverse, high-tech, advanced manufacturing and clean energy spaces. This funding will support CNM’s innovative work that is helping local entrepreneurs by investing capital in promising start-ups to create a thriving and sustainable small business ecosystem.”
“New Mexico is full of entrepreneurs who are eager to start business and create jobs, but many times there’s a gap in support programs for business owners of color. While running my own salsa company the services and programming available through ABQid would have been so helpful. This grant funding will nurture the ABQid program’s efforts to develop and support future entrepreneurs and job creators,” said Haaland.
The grant was awarded under the EDA’s Seed Fund Support Grant competition, which provides funding to create or expand equity-based seed funds. More information is available here.