City Desk ABQ: Keller: Trump small business fund cuts ‘an attack on the future’ of Albuquerque
Matthew Reichbach, City Desk ABQ
The City of Albuquerque warned that an executive order by President Donald Trump cutting funds for small business development will have a harsh impact on Albuquerque’s economy.
The Trump administration said the executive order is aimed at reducing federal bureaucracy and that the president deems unnecessary.
Among other things, the executive order takes aim at the Minority Business Development Agency and the Community Development Financial Institutions Fund. These are not direct grants to the city, but are aimed at helping the economy through providing capital to local lenders to regrant or fund other programs.
“These cuts are a direct hit to the hardworking small businesses and families in Albuquerque,” said Mayor Tim Keller. “Programs funded by the MBDA and CDFI have been instrumental in leveling the playing field for entrepreneurs, creating jobs, and revitalizing our communities. Stripping away these resources is an attack on the future of our city.”
The city said the New Mexico MBDA generated $230.2 million in gross revenue and retained nearly 7,500 jobs between 2021 and 2024. The funding was split between 415 minority businesses.
The CDFI Fund is another key program, part of the U.S. Department of the Treasury, for supporting local governments.
The City of Albuquerque said the CDFI fund “has been a crucial source of capital for organizations like the New Mexico Community Development Loan Fund, Homewise, First Financial Credit Union, the Ventana Fund, DreamSpring, and Rio Grande Credit Union—all of which re-lend to local businesses and support high-impact projects.”
The fund provides funding for local financial institutions to then provide funding to local businesses. According to the City of Albuquerque, in 2024, the fund helped finance projects at the Indian Pueblo Cultural Center, Gilbert Sena Charter School and the Imperial Inn Motel renovation.
Local financial institutions joined the city in condemning the cuts to the CDFI Fund.
“Nusenda Credit Union stands with our fellow CDFIs in urging the Treasury to protect the CDFI Fund,” Chief Community Engagement Officer at Nusenda Credit Union Sara Keller said. “These investments are essential to expanding economic opportunity, supporting small businesses, and strengthening communities.”
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