Nov. 30—Attracting the capital to launch a new business venture can serve as a significant challenge for any aspiring entrepreneur, but officials in Santa Fe's Office of Economic Development hope to make that task a little easier with an event Tuesday.
The city's second Small Business Finance Fair will take place from 11 a.m. to 1 p.m. at the Doubletree by Hilton Hotel Santa Fe, 4048 Cerrillos Road. The free event will allow those who already own a small business — or anyone who is looking to start one — to come face to face with more than 20 lenders and financial service providers and discuss finance options, according to Johanna Nelson, the city's economic development director.
More than 100 participants took part in the city's first Finance Fair, which was held in February, she said. Nelson hopes to match that attendance this time, but she is a little worried that the timing of this fair — just days after Thanksgiving — will affect the number of people who show up.
Those who do participate are likely to have an experience comparable to speed dating, she said.
"It's set up like a regular resource fair," Nelson said. "They'll meet directly with finance folks. There will be lightning sessions to talk about several topics."
Spanish translators will be on hand to assist anyone who feels more comfortable speaking that language, she said.
Entrepreneurs will need to be ready to present their project or idea in the best light, according to Nelson.
"It depends on what they're looking to get out of it," she said. "If they come with a business idea, if they come with a proposal, they need to be ready to shop that idea and ask questions."
Nelson advised participants to treat the fair like a networking opportunity, meaning it would be a good idea to have plenty of business cards and make the rounds of as many lenders and financial service providers as possible.
Nelson said she hopes her office can hold two to three such events a year, beginning in 2025, at different locations throughout the city. That series could include an event focused on equity investments, she said.
With high interest rates still ruling the finance market, Nelson acknowledged money is tight right now. But she said many lenders are eager to support small businesses, as long as they are presented with a solid proposal.
"It's more important than ever for business owners to be aware of the options that are out there," Nelson said.