Economic Empowerment Sessions
Business owners meet with OAAA’s Shaïna Saint-Lôt, and
Herb Crosby, President of Avtec Inc., to discuss building business opportunities
By Shaïna Saint-Lôt
OAAA Economic Coordinator
The New Mexico Office of African American
Affairs (OAAA) has spearheaded a new small business
effort for our community in conjunction with our OAAA
economic advisory committee member, Herb Crosby.
Mr. Crosby is the President of Avtec Inc., a center
for management training, and is also a professor of
the MBA program at the University of New Mexico.
Together, the two have been working to mentor small
Black-owned businesses. Community organizer Ron
Wallace planned the first meeting during which 10
business owners came to learn about the initiative.
The effort is a two-pronged approach. The first is to
help business owners ramp up to industry standards
by promoting a sound foundation of accounting, legal
structure, insurance, advertising, and banking. The
second is to aid in compiling an application for loans
or lines of credit.
The biggest issue small businesses face is lack of
capital, an issue this initiative aims to alleviate. Mr.
Crosby is the vice-chair on the Board of Directors
for the Loan Fund, the primary entity to which this
effort appeals. We have worked closely with business
owners to walk them step-by-step through the often
www.oaaa.state.nm.us
overwhelming process of compiling a business and
financial profile. Feedback and guidance are provided for
writing a business plan, financial statements, and other
required documents. By undergoing this process, the
business owner not only gains a possibility of financial
assistance, but also receives a clearer picture of business
performance and necessary changes for improvement.
Anyone interested in participating in the initiative
can contact me at Shaina.saintlot@state.nm.us, or by
phone at (505)383-6215. After which an initial meeting
will be set up to lay out the process in more detail.
The business owner’s goals and challenges will also
be discussed, and a strategy will evolve to ensure the
necessary paperwork and business foundations are in
place.
African American businesses from throughout
the state are encouraged to participate
18