Federal cuts threaten Albuquerque small business support programs

Albuquerque officials are concerned about proposed federal cuts that could harm small businesses in New Mexico. The Trump administration announced plans to reduce funding for several programs, including the Minority Business Development Agency (MBDA) and the Community Development Financial Institutions Fund (CDFI). Mayor Tim Keller expressed that these cuts could directly impact small businesses and families in the city. He described the loss of these resources as a threat to Albuquerque's future. The cuts are part of an executive order aimed at reducing the federal bureaucracy. Gabriela Marques, director of the New Mexico MBDA, stated that the proposed cuts could harm their efforts to support small businesses. In the past year, the MBDA helped businesses generate over $66 million and create 2,700 jobs. While the situation is uncertain, Marques emphasized that the agency will continue to operate for now. The MBDA has been around since the Nixon administration and aims to promote minority business growth. Marques clarified that the agency is inclusive and serves all types of businesses, not just minority-owned ones. The CDFI, overseen by the U.S. Department of the Treasury, connects federal funds to financial institutions that invest in economically disadvantaged communities. Albuquerque reported that it received over $210 million in CDFI investments since 2018, funding projects across the city. DreamSpring's CEO, Anne Haines, highlighted the vital role that the CDFI and MBDA play in supporting entrepreneurship and fostering small businesses in communities.