Incentives Directory

Women's Economic Self-Sufficiency Team (WESST)

DESCRIPTION: WESST is a non-profit organization whose purpose is to help create economic security by reducing the risks of starting and owning a business.
ELIGIBLE USES:
• WESST will assist a business owner in:
• Assessing new business ideas;
• Determining financialoptions;
• Pricing products and services;
• Developing market research;
• Developing effective sales strategies; and
• Building income and cash flow projections.
PROGRAM/LOAN STRUCTURE:
• Maximum Program Benefits: WESST offers its clients three core programs:
• Business Consulting Series which consists of individual consultations that mentor a client through planning and growing a business in areas such as finance, marketing and management;
• Entrepreneurial Program which offers small group workshops on basic business topics; and
• Financial Assistance Program which consists of a revolving loan fund designed to lend small amounts of money to qualified clients unable to obtain financing through conventional sources.
WESST also assists clients to access financing through other sources.
• Fees: Sliding scale fee for all services.
QUALIFICATION CRITERIA/COMMENTS:
• WESST serves anyone who is exploring a business idea or who seeks assistance growing an existing business.
• The primary focus is on low-income, unemployed and underemployed women, and people of color throughout New Mexico.
• A loan of up to $50,000 may be available to:
• Those who receive regular assistance from WESST, both before and after the loan is extended;
• Those who develop a business plan with the assistance of WESST business consulting service;
• Those able to present a final loan package to the Loan Fund Committee; and?
• Those willing to submit financial statements to WESST on a regular basis.
• Visit the homepage at http://www.wesst.org/, https://www.wesst.org/business-loans/, or call (800) GO-WESST.

Category: Local Incentives, Business Expansion

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