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New Mexico

New lender to serve minority entrepreneurs in New Mexico

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New lender to serve minority entrepreneurs in New Mexico


New Mexico is about to get a lender centered on debtors who’ve been traditionally missed by conventional lending and banking providers.

Albuquerque-based One Hope Monetary Establishment, or OHFI, will serve underrepresented entrepreneurs within the metropolis and New Mexico broadly, with a deal with character-based lending, a mannequin that considers candidates’ character versus solely their monetary situations. The corporate may even present technical help — steerage with enterprise plans, for instance — and networking alternatives.

“The actual fact is, folks of shade have historically had a harder time accessing capital,” CEO Chad Cooper mentioned in an interview. “That is why the necessity exists and why we’re doing this.”

Chad Cooper, CEO of One Hope Monetary Establishment
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OHFI is a Group Improvement Monetary Establishment. Licensed by the U.S. Treasury Division to do a portion of their enterprise in low-income communities, CDFIs have existed for the reason that Nineties however have change into extra related in recent times as markets reminiscent of Albuquerque develop more and more various and group leaders search to handle racial injustice.

This system invests federal sources — matched with personal funding — in CDFIs working to serve low-income and underserved folks and communities.

Cooper, who has been a monetary advisor in Albuquerque for 20 years, will oversee the day by day operations of the OHFI’s business-support applications and mortgage fund. He mentioned OHFI is at the moment hiring and expects to start lending to small companies within the second quarter of this yr.

OHFI was based by Charles Ashley III, Ken Carson, Everette Hill and Alex Horton, all of whom are Black enterprise homeowners in Albuquerque.

“Our purpose is to construct the infrastructure to counter disinvestment within the BIPOC — Black, Indigenous and Folks of Shade — group right here in New Mexico,” Carson, who can be OHFI board chair, mentioned in an announcement offered to American Banker.

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“A historical past of lack of entry to capital, systemic racism and different challenges have left these companies underfunded,” Carson mentioned. “This type of assist may also help these companies flourish, assist enhance the monetary situation of New Mexico households and considerably contribute to the well being of our state’s economic system.”

A $1.5 million grant from the W.Ok. Kellogg Basis will assist the brand new group’s operations. OHFI additionally obtained a grant from town of Albuquerque, and plans to open its first workplace subsequent month out there’s downtown.

Albuquerque’s inhabitants approached 600,000 in 2021, in keeping with the U.S. Census Bureau, and racial minorities collectively made up greater than half of town’s residents.

Cooper mentioned many minority entrepreneurs have sound monetary practices woven into their histories and enterprise plans. Nonetheless, due to comparatively restricted entry to credit score, it’s typically tough for them to show this and, by extension, acquire enterprise start-up loans, he mentioned. 

The purpose is to assist these enterprise homeowners launch their corporations and develop them, Cooper mentioned. Alongside the best way, the expectation is these purchasers will formally set up sturdy credit score histories that can, in time, allow them to obtain bigger traces of credit score from conventional banks. 

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OHFI plans to make loans of as much as about $25,000, and it’s open to the opportunity of increasing into different areas of lending, reminiscent of residential actual property. Finally, Cooper mentioned, the group might evolve right into a financial institution.

There’s important pent-up mortgage demand amongst minority enterprise homeowners and entrepreneurs, in keeping with Cooper. “One thing like this does not simply occur,” he mentioned. “There’s undoubtedly lots of pleasure round what we’re doing.”

Individually, Adelphi Financial institution, a Black-owned de novo in Ohio, just lately earned regulatory approval to change into the primary new U.S. financial institution of the yr.

Adelphi, a minority depository establishment, was cleared for opening by the Federal Deposit Insurance coverage Corp. and is planning to launch within the coming months. Primarily based in Columbus, it is going to be part of 20 different Black-owned depository establishments within the nation and change into the only Black-owned financial institution in Ohio.

Banks that obtain the minority depository establishment designation, or MDI, are eligible for assist from authorities and private-sector backers. To attain MDI designation, a financial institution will need to have 51% minority possession and board membership.  

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Adelphi filed an utility with the FDIC within the fall of 2021 and has since labored to lift about $20 million.



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New Mexico

Trump woos Hispanic voters in last-minute New Mexico visit

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Trump woos Hispanic voters in last-minute New Mexico visit


Thousands of people watched former president Donald Trump speak Thursday at an airport hangar in Albuquerque, a late visit to a state he is unlikely to win but where his supporters gave him a joyous welcome.

With polls showing New Mexico is unlikely to be in play in the presidential election, the former president urged the crowd to prove the predictions wrong. He hit familiar themes like the border and gas price inflation and enthusiastically praised Hispanic communities.

The rally was only announced on Sunday, and after a few days of scrambling over parking and location, Trump’s supporters had to park far away, get buses, walk and stand in long long lines. It didn’t bother many of them one bit.

“It’s great,” said Jose Hernandez, a small business owner from Albuquerque, who was buying a shirt from a stall selling MAGA hats in every color and gold sneakers.

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“There’s a lot of people that are very happy that he’s here. We talked with a lot of people in line and stuff like that. So everybody’s excited.”

Like many people here today, he is a Hispanic New Mexican, a constituency that has traditionally voted Democrat. He switched parties, as did Thomas Hernandez, no relation as far as KUNM is aware, who was standing in line with a Trump flag and two Trump hats.

“I came from a Democratic family, and I was indoctrinated to vote Democrat,” he said. He credits the party with helping his parents work their way out of poverty. “I grew up as a Chicano person in Albuquerque, New Mexico, and I saw the policies that the Democrats had when we were growing up.”

He thinks it is much harder for people to lift themselves up economically now. When asked what the biggest issue is in this election, like many others he said the border and specifically fentanyl smuggling.

“My daughter died of fentanyl,” he said. “And I’ve had multiple family friends that have had incidents of somebody in their family, having overdoses or being addicted to that fentanyl.”

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And he blames the current administration.

“The border czar, comrade Kamala, she didn’t do anything for us down there.”

Inside the hangar, as the crowd waited for the main event, they heard from speakers including Myron Lizer, the former Vice President of the Navajo Nation, who struck a note of unity.

“There’s an Indian proverb out there. It says, the left wing and the right wing are of the same bird,” he said.

And the Republican candidate for the state’s most competitive congressional district, Yvette Herrell, spoke. The 2nd Congressional District in the south of the state is nearly 60% Hispanic and she is running against a Mexican-American Democrat, Gabe Vasquez. She touched on regular themes of hers: transgender athletes, border security and immigration.

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“When you vote to allow men in girls sports, when you don’t stand up for the parents rights, when you call the wall disrespectful and a waste of money, when you allow to have illegals vote in our elections, not once, twice,” she said.

Noncitizens attempting to vote actually occurs extremely rarely, according to studies from the Brennan Center of Justice and investigations like an audit of voting rolls in Georgia this year.

As the former president arrived, touching down against a backdrop of the craggy Sandia mountains and a perfect blue sky, he told the crowd why he’d come, so close to the election.

“I’m here for one simple reason. I like you very much, and it’s good for my credentials with the Hispanic or Latino community,” he said.

He asked whether people in New Mexico preferred the term Latino or Hispanic, with big cheers for Hispanic.

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“First of all, Hispanics love Trump,” he declared, saying they were “entrepreneurial”.

“But you have to turn out the record numbers that we need in order to really demand a better future. And you have to go out. You have to vote. We want to win, win, win.”

He almost acknowledged he is unlikely to win the state

“They all said: Don’t come. I said, why? You can’t win New Mexico. I said, Look, your votes are rigged. We can win New Mexico. We can win New Mexico.”

He made many false claims, including that he had won the state twice before. He did not and New Mexico’s 2022 election was ranked best in the nation by the Elections Performance Index at MIT.

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A somber note came with a video of the mother of a 12 year old girl murdered earlier this year in Houston, allegedly by two undocumented men from Venezuela.

“Under Kamala, New Mexico has seen millions of people pour across your section of the southern border,” he said. Customs and Border Protection records about half a million encounters on New Mexico’s border since the beginning of Fiscal Year 2021.

Trump used familiar language — “tough hombres” — to describe immigrants and mentioned the number 13,099 as a number of murderers crossing the border during the last administration. The Department of Homeland Security has said that he is misrepresenting that figure and that it goes back decades.

He also mentioned immigrants flooding towns with deadly drugs, but the majority of people arrested smuggling fentanyl into the country are American citizens, according to reporting from KPBS in California.

Among several Hispanic and other people on the way out, his message had resonated. Lisa Parsons is from an old New Mexican family.

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“It’s wonderful that he recognizes us and all cultures, not just one-sided culture, but many cultures, that’s what he’s reaching out to,” she said.

Amid long lines of traffic and closed roads, there were no big protests, but Joel Hernandez from the Party of Socialism and Liberation told KUNM he led about 40 people to demonstrate nearby. They chanted against deportations and against war, and said some Trump supporters yelled slurs at them, but there were no confrontations.





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New Mexico

Trump raises some eyebrows with blue state stops in New Mexico, Virginia

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Trump raises some eyebrows with blue state stops in New Mexico, Virginia


While Trump’s advisers and allies say they advantages in these stops, including helping downballot Republicans and popping into geographically convenient places that might be more competitive than they seem, others see it as a risk they could come to regret.



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New Mexico

New Mexico SIC adds more than $300m to private markets

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New Mexico SIC adds more than 0m to private markets


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