Problem: New Mexico’s Indigenous entrepreneurs struggle to launch and sustain businesses within their communities, especially under pandemic conditions.
Solution: RCAC’s Re-Emerging Loan Fund (RELieF) provided a small business loan and direct technical assistance to a struggling Indigenous food truck business; the loan was subsequently forgiven.
In 2019, Rural Community Assistance Corporation (RCAC) provided the Native American Business Development: A Journey (NABDAJ) training to tribal entrepreneurs from three of New Mexico’s Indigenous pueblos, which often face persistent poverty. The William K. Kellogg Foundation provided the funding for NABDAJ.
Following her participation in NABDAJ, Pueblo de Cochiti tribal member Melinda Arquero launched Over The Moon Indigenous Food Truck. RCAC Rural Development Specialist Aaron Reimler provided Over The Moon with one-on-one business coaching. Arquero and Adam Suina hoped to enter the market during the high season of 2020 using a calculated strategy of investing revenue in a generator and fire suppression system, enabling them to meet customer demand while fulfilling state and municipal regulations.
The COVID-19 pandemic abruptly delayed the couple’s plans. Pueblo de Cochiti shut down and was closed to visitors from March 2020 through August 2021. Neither their business nor personal finances could grow due to the lack of income, and they experienced difficulties making payments on their high-interest loan. Furthermore, Over The Moon lacked the technical resources and sales history to apply for other pandemic-related aid.
Through NABDAJ, Over The Moon connected with RCAC’s Re-emerging Loan Fund (RELieF). The RELieF loan application process requires applicants to complete a minimum of two sessions before the loan closing. RCAC facilitates these sessions to help entrepreneurs devise strategic action plans, forecast cash flow and find ways to meet consumers’ changing needs. Arquero was ultimately approved for a $25,000 RELieF loan, allowing her to purchase a generator, fire suppression system, marketing materials and refinance her high-interest loan. RCAC’s small business coaching team continued to work with Over The Moon to assess its management strategy, while helping to recruit employees, build the truck’s capacity, and set growth goals using financial projections.
With NABDAJ and RCAC’s help, Over The Moon has the equipment and systems necessary to operate confidently. RCAC business coaches continue to provide them with guidance as they pursue a bright future.
