Business/Economy

Los Alamos National Laboratory (LANL) has selected two New Mexico companies to receive an infusion of capital as part of the lab's technology transfer initiatives.

Ideum and OnQueue are the latest recipients of awards from the Los Alamos National Security, LLC Venture Acceleration Fund (VAF).

“Our VAF program provides much-needed capital to these promising companies, reducing their risk without the strings typically attached to equity investments,” said David Pesiri, the Laboratory’s Technology Transfer Division leader“Further, our team of experts is working closely with both companies to connect them with other resources—like mentors, customers, and contacts—to help make them sustainable and successful.”

Los Alamos National Bank is moving its 600 square-foot Albuquerque loan production office into a 1,600-square-foot facility at 6801 Jefferson NE.
LANB has maintained the loan production office for four years in Albuquerque’s Uptown sector and this move will allow the bank to provide additional lenders as well as teller and deposit services, President Steve Wells said.
“We believe in New Mexico and we believe lending to small business is the solution to economic recovery and we think there’s a lot of opportunity for lending in Albuquerque,” Wells said.
Ten onsite and eight auxiliary employees will service the bank’s Albuquerque customers when the doors to the new facility open Nov. 14.

NEW YORK (AP) — Retailers just got an early Christmas gift: Americans are expected to spend more than they did last year during the holidays.

Retail revenue in November and December is expected to be up 3 percent during what is traditionally the biggest shopping period of the year, according to research firm ShopperTrak said Tuesday.

The sales prediction, which matches the outlook from the International Council of Shopping Centers on Friday, would be below last year's 4.1 percent spike — and the 5-plus percent gains during boom economic times. But it's still above the 2.6 percent average gain over the last 10 years and is considered respectable growth given the down economy.

Eight northern New Mexico counties that suffered economic devastation by this summer’s Las Conchas Fire are eligible for assistance from the U.S. Small Business Administration.

The SBA acted under its own authority to declare the region a disaster area following a Sept. 9 request from Gov. Susana Martinez. The federal disaster declaration enables the SBA to offer low-interest, federal disaster loans to local small businesses and private, non-profit organizations that were economically impacted by the fire, which officially burned from June 26-Aug. 3.