Expand Entrepreneurship, Small Business Growth, and Local Wealth-Building

Small businesses are the connective tissue of Southeastern New Mexico. They serve workers, families, tourists, retirees, students, major industries, and local governments. They activate downtowns, sustain local identity, create jobs, and keep dollars circulating in the region.

Entrepreneurship also plays a critical role in economic diversification. When local residents can start, grow, and sustain businesses, the region becomes less dependent on outside recruitment alone. A stronger small business ecosystem can support innovation, succession planning, local ownership, and community wealth-building.

This goal also connects directly to the region’s demographic and equity findings. The CEDS identifies large Hispanic populations in Lea, Otero, and Eddy Counties and notes that bilingual service delivery, Hispanic-owned business development, and inclusive messaging are important economic development considerations.

County-Specific Strategic Direction

Chaves County

Chaves County should support entrepreneurs connected to Roswell’s regional service role, agriculture, food systems, healthcare, aviation, tourism, professional services, and downtown activity. Small business development should include support for local retail, restaurants, family-owned businesses, aviation-related services, agricultural suppliers, and businesses that strengthen Roswell’s role as a regional hub. Chaves should also prioritize entrepreneurship as a tool for population retention and wealth-building.

Eddy County

Eddy County should support small businesses connected to energy services, mining support, industrial maintenance, logistics, tourism, downtown Carlsbad and Artesia, and local services for workers and families. Carlsbad Caverns National Park and regional tourism assets create opportunities for hospitality, retail, recreation, and visitor-serving businesses. Eddy’s industrial base also creates procurement opportunities for local suppliers, contractors, and professional service firms.

Lea County

Lea County should support entrepreneurs tied to energy services, logistics, bilingual business support, youth entrepreneurship, retail expansion, and local service businesses in Hobbs, Lovington, Jal, Eunice, and Tatum. Because energy cycles can affect employment and business stability, small business development should also focus on diversification, succession planning, financial resilience, and local procurement.

Lincoln County

Lincoln County should support mountain tourism, outdoor recreation, arts, hospitality, restaurants, lodging, wellness, healthcare-adjacent services, remote work entrepreneurship, and business succession. Ruidoso and surrounding communities depend heavily on visitor spending, but the county also needs year-round businesses that support residents, retirees, and workers. Disaster-resilient business planning should be a priority given wildfire and flooding risks.

Otero County

Otero County should support tourism, military-serving businesses, aerospace-adjacent services, downtown Alamogordo, Cloudcroft tourism, Tularosa heritage-based entrepreneurship, outdoor recreation, and small businesses serving military families and civilian workers. Entrepreneurship strategies should also connect to bilingual business support, youth entrepreneurship, and business development for underrepresented owners.

Objectives

  1. Build a regional small business resource network that connects entrepreneurs to technical assistance, capital, permitting guidance, procurement support, mentorship, and succession planning.
  2. Expand support for Hispanic-owned businesses, rural entrepreneurs, women-owned businesses, veteran-owned businesses, tribal entrepreneurs, and youth entrepreneurship.
  3. Connect small businesses to major regional supply chains in energy, agriculture, defense, tourism, healthcare, construction, and government procurement.
  4. Strengthen downtowns and commercial corridors through MainStreet partnerships, façade improvements, placemaking, wayfinding, tourism development, and local business support.
  5. Support business succession and ownership transition, particularly in aging communities and rural downtowns.
  6. Promote local procurement and regional supplier development to retain more wealth within Southeastern New Mexico.

Additional Information / Partners / Programs to Leverage

Potential partners include SNMEDD, Small Business Development Centers, local chambers of commerce, New Mexico MainStreet, local governments, community lenders, banks, CDFIs, New Mexico Economic Development Department, USDA Rural Development, higher education partners, tourism organizations, and local business owners. New Mexico MainStreet is a program of the New Mexico Economic Development Department that works with local organizations to create economically viable business environments while preserving cultural and historic resources. This aligns directly with the CEDS strategy for downtown revitalization, local entrepreneurship, and asset-based economic development.