The funding will expand DreamSpring’s one-on-one and online technical assistance in New Mexico’s bilingual and rural communities.
Albuquerque, New Mexico — DreamSpring, a nonprofit Community Development Financial Institution and Small Business Administration (SBA) lender, will receive $507,000 in Congressionally Directed Spending for Fiscal Year 2024. The funding is thanks to U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, who secured $28 million for 52 projects in New Mexico during the Senate’s passage of six bipartisan appropriations bills on March 23.
|
"As a member of the Senate Appropriations Committee, I have the opportunity to directly advocate for federal resources that deliver for working families in New Mexico — and that's exactly what this legislation does," says Sen. Heinrich. "The appropriations bills that we passed deliver major investments that will make a real difference in the lives of families in our state.” |
The bipartisan Fiscal Year 2024 (FY24) Financial Services and General Government Bill signed into law by President Biden includes funding for two DreamSpring projects:
- $307,000 for DreamSpring to expand its online technical assistance and training materials in English and Spanish for small businesses and entrepreneurs.
- $200,000 for DreamSpring to hire a Community Engagement Officer to provide one-on-one technical assistance in English and Spanish to rural small businesses.
In total, $507,000 in Congressionally Directed Spending is earmarked for these two DreamSpring initiatives.
“We thank Sen. Heinrich for his tireless work and advocacy on behalf of underserved small business owners,” says Amber Kani, DreamSpring Head of Stakeholder Engagement. “With these critical funds, DreamSpring can help even more of New Mexico’s entrepreneurs to drive innovation and vitalization in our rural communities.”
For more information about DreamSpring and its programs, visit DreamSpring.org.
About DreamSpring
DreamSpring is a nonprofit Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender dedicated to accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners in 27 states, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 48,796 loans totaling over $538 million to small businesses that support an estimated 65,138 jobs. Learn more at DreamSpring.org.