WESST, a New Mexico-based organization, plans to shut down its offices and lay off staff due to unclear federal funding prospects.
In recent times, there have been significant changes in the funding of organisations that support small businesses and entrepreneurship, particularly the Women's Economic Self-Sufficiency Team (WESST) and the Small Business Administration (SBA). However, detailed information regarding the funding adjustments for these entities during the years 2018-2019 remains elusive.
WESST, a New Mexico-based nonprofit that primarily assists women and underserved entrepreneurs with business assistance, receives some federal funding indirectly, such as through Small Business Administration (SBA) grants or community development block grants. But specifics on funding changes for 2018-2019 are hard to come by.
Similarly, the SBA, a federal agency that offers loans, counseling, and resources to small businesses, has experienced federal budget alterations due to broader federal budget and appropriations decisions during this period. These changes included some fluctuations due to government shutdowns and shifting priorities under the Trump administration. However, precise details about SBA funding adjustments in 2018-2019 are not readily available.
The status of federal funding for WESST remains in a state of flux. In April, the Trump administration significantly reduced the Minority Business Development Agency, which could potentially impact WESST's funding. Moreover, WESST may lose up to $2 million in funding from various federal agencies, including the Minority Business Development Agency and the SBA. As a result, WESST is eliminating around eight staff positions and closing two of its offices, while relocating one.
To cope with these challenges, WESST is transitioning to a more mobile service model, ensuring they can continue to serve their clients across the state. In addition, they are looking to expand their digital offerings, such as their online training, microlending, and consulting services.
Meanwhile, the SBA is reportedly eliminating 43% of its workforce after federal cuts. The exact number of job losses is yet to be confirmed.
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In these challenging times, it is essential for small businesses and entrepreneurs to stay informed and adapt to the ever-changing landscape. For more precise details on funding changes for WESST and SBA in 2018-2019, consulting official federal budget documents, SBA annual reports, or WESST’s financial disclosures from that timeframe would be necessary.
In the meantime, readers are encouraged to send their announcements, press releases, photos, and more to the Business Outlook Newsletter, and the Albuquerque Journal business outlook reporters and editors welcome story suggestions from readers.
[1] Federal Budget Amendments [2] Medicare and Health-Related Federal Spending [3] Special Education Funding Changes [4] Unrelated Topics [5] More Recent Federal Budget Amendments
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- The funding adjustments for WESST in the years 2018-2019, though difficult to find, may be detailed in WESST’s financial disclosures from that timeframe.
- Federal budget amendments have led to workforce reductions at the Small Business Administration (SBA), but the precise number of job losses is yet to be confirmed.
