If I were a small business owner right now, I’d be nervous, to say the least. Maybe terrified. Maybe feeling, as the saying goes, like a long tailed cat in a room full of rocking chairs.
Small business is risky in any circumstance, but especially nerve-racking during this period when the business atmosphere is so unpredictable.
This may be a good time to remind the small business community that there are people and organizations devoted to helping them. When I spoke to one of those people, I was surprised to learn that her biggest concern was making sure that business owners know these services are available and where to find them. Too many, she said, don’t.
This person was Samantha Lapin, the retired former owner of a successful New Mexico small business. Lapin is now a volunteer with SCORE, the Service Corps of Retired Executives, and was recently named chair of the Albuquerque chapter.
I had asked for her help in explaining the myriad of confusing loans, grants and other forms of help that have been offered over the past few months. Instead of explaining them one by one, she suggested that business owners should take advantage of programs like SCORE and get help in finding what might work for them.
SCORE and similar organizations are holding their activities exclusively online these days, so geography is not a limitation. As long as they have internet access, business owners from anywhere in New Mexico have equal access.
SCORE’s greatest unique feature is one-on-one mentorship. A small business owner who needs help and contacts SCORE can be matched with a mentor who will provide a personal relationship. If necessary, due to a specialized industry or other considerations, the mentor could be anywhere in the country.
SCORE also provides trainings. In the early months of the pandemic, trainings on the grant and loan programs were two a day, six days a week. Currently they are slowed down because some government programs are no longer offering new loans or grants. One common concern now, Lapin says, is that small businesses want help making sure they follow the guidelines so that their loans will be forgiven.
SCORE is sponsored by the US Small Business Administration. The mentors and trainers, as the name suggests, are retired business owners and executives.
There are only three SCORE offices in New Mexico: Albuquerque, Santa Fe, and Las Cruces. As I said, location doesn’t matter when services are virtual.
Closer to home are New Mexico’s Small Business Development Centers: Alamogordo, Albuquerque, Carlsbad, Clovis, Española, Farmington, Gallup, Grants, Hobbs, Las Cruces, Las Vegas, Los Alamos, Los Lunas, Roswell, Santa Fe, Silver City,Taos and Tucumcari, all affiliated with community colleges. They also provide training and counseling to small and new businesses, including guidance on where to look for financial assistance.
New Mexico also has a few nonprofits devoted to lending to new and small businesses, such as WESST, The Loan Fund and DreamSpring, formerly called Accion. All provide slightly different services, including help with finances. A small business owner who connects to any one of these organizations will find help getting linked to all the others.
Lapin thinks we may be seeing an upsurge of new businesses, as formerly employed workers find their old jobs are no longer available and decide to fulfill their entrepreneurial dream, perhaps turning a hobby into a business. Lapin reminds us that your special skill — cooking, woodworking or whatever — is not enough to enable you to succeed in business. To succeed, entrepreneurs have to deal with finance, marketing, organization, information technology — and the set of issues everyone would rather ignore, regulations. Businesses that are surviving this extraordinarily difficult period are those that can be creative and adaptable, Lapin said.
It’s a tough time and small business can be a lonely undertaking, but Lapin reminds you, you don’t have to be alone.
Triple Spaced Again, © New Mexico News Services 2020