July 30, 2014
Albuquerque, N.M. (July 25, 2014) - The University of New Mexico's Small Business Institute at the Anderson School of Management announced today that it received a $15,000 grant from Bank of America to help expand the number of businesses it serves. Each year, the Small Business Institute provides approximately 100 small businesses in New Mexico consulting services for their business needs. This funding will help the Small Business Institute increase the number of businesses served, many of which are on waiting lists to participate in this program.
The Anderson School of Management's Small Business Institute was established in 1978 to support small businesses in New Mexico through affordable consulting. Graduate and undergraduate students, guided by faculty members, provide consulting services to businesses ranging from business plans and market research to human resources and strategy. The Small Business Institute charges a $500 fee, with scholarships available for veterans and non-profit organizations.
"Ninety-five percent of businesses in New Mexico are considered small businesses – many of which do not have the expertise or capital to develop the plans, policies or controls necessary to ensure financial success and growth," says Craig White, Interim Dean for The Anderson School of Management. "The Institute helps small businesses succeed and, in turn, our students have the opportunity to use their skills in real-world situations."
In 2013, more than 200 students (54 undergraduate and 156 MBA's) participated in the program, gaining real-world business experiences that prepare them to start and manage their own small firms. In some cases, the businesses that have participated in the Small Business Institute have hired their student consultant after graduation.
"The Small Business Institute is truly unique in serving both the existing small business community with technical training and the university's business school students with hands-on career practice. We know that having the right counsel and training can make all the difference in helping people be successful in a highly competitive workforce," said Michael Rodriguez, New Mexico state president, Bank of America. "Bank of America's workforce development grants support these types of highly impactful programs as a way to help generate sustainable employment and ultimately advance financial longevity."
Small businesses account for more than 50 percent of private sector jobs in the state, with over 44,000 small businesses in Albuquerque alone. According to the U.S. Bureau of Labor statistics, 66 percent of new businesses remain in existence two years after their founding and only 44 percent after four years.
"We typically receive more applications from businesses than we can support, so some businesses are put on a waiting list," said Stacy Sacco, Director of the Small Business Institute. "Thanks to this funding from Bank of America, we will be able to increase the number of businesses served, helping more of our small businesses succeed and helping our community and economy grow."
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/aboutand follow us on Twitter at @BofA_Community. For more Bank of America news, visit the Bank of America newsroom. www.bankofamerica.com.
The Anderson School of Management at the University of New Mexico is dedicated to excellence in professional management education. At the Anderson School, faculty, staff, and students are committed to shaping the intellect and character of the next generation of business leaders, advancing the knowledge and practice of management, promoting economic development, and building a vibrant intellectual community that serves the highest and best interests of all our stakeholders.
The School was founded in 1947 and now offers more than a dozen concentrations at the BBA and MBA levels and is accredited by the Association to Advance Collegiate Schools of Business in the top 20% of business schools in the nation. The School is funded by the State of New Mexico and further support is generated by The Anderson School of Management Foundation. For more information, the public can visit www.mgt.unm.edu, email firstname.lastname@example.org, or call (505) 277-6471.
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