January 16, 2024 - For Immediate Release
Albuquerque, N.M. – Nusenda recently announced a new community lending partner for its microloan program, the Black Chamber of Commerce of New Mexico.
Nusenda’s Microloan Program (formerly known as Nusenda Co-op Capital) is a character and relationship-based program that provides microloans for low-income and underbanked entrepreneurs. This lending model provides access to capital through educational, cooperative, and nonprofit organizations that provide customized and impactful microloans for the recipients. Underserved business owners and individuals who are looking to make an impact on New Mexico communities can now receive funding through 20 established community organizations.
“Any time we add a new partner, it expands our geographic reach,” says June Manning, the program manager. “When we help diversify the borrowers we reach, we can make a lasting impact on the future of our state.”
The Black Chamber of Commerce of New Mexico exists to promote the economic growth of black owned businesses by focusing on education, advocacy, mentorship, and networking. The organization’s goals are to develop economic growth in the greater Albuquerque area. By offering access to relationship-based capital, it will help create entrepreneurial advancement opportunities for businesses who would likely not otherwise have access to needed resources.
“As underrepresented and underserved populations in New Mexico strive for economic stability and a sense of security and promise for their families and communities, the Black Chamber of Commerce of New Mexico offers mentorship, training, undergirding, promoting success, strong economic growth, expansion and exploration of opportunities to promote racial equity,” said Karla Causey, President and CEO of the Black Chamber of Commerce of New Mexico. “We are excited to partner with Nusenda Credit Union to expand the resources available for these populations and to help be a conduit for future successes in the communities we work and live in."
Since the inception of Nusenda’s microloan program, over 324 jobs have been created and over $2.3 million dollars have been provided through nearly 400 microloans. The program flips the traditional lending model and provides underserved businesses a chance to succeed. Current partners include Native Renewables, New Mexico Community Capital, NMCAN, , Street Food Institute, UpTogether, Partnership for Community Action, Cultivating Coders, Native Community Capital, South Valley Economic Development Center, Native Women Lead, UNM Innovation Academy, Change Labs, Three Sisters Kitchen, International District Economic Development, WESST, The Climate Change Leadership Institute, Cruces Creatives, Downtown Growers Market.
For more information, visit Nusenda’s Microloan Program webpage at www.nusenda.org/microloan-program
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About Nusenda Credit Union
Nusenda Credit Union is New Mexico’s largest locally owned and operated credit union with 260,000 members and more than 750 employees. It has more than 20 branches throughout New Mexico in Albuquerque, Rio Rancho, Santa Fe, Taos, Valencia County, Socorro, and Las Cruces. There are hundreds of ways to join the credit union. Connect with Nusenda Credit Union at www.nusenda.org; Facebook @NusendaCU; Twitter @NusendaCU; and LinkedIn: https://www.linkedin.com/company/nusenda-credit-union.
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Media Contact: Eric Harrison, (505) 610-0419 or [email protected]