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AN ACT

RELATING TO BUSINESS DEVELOPMENT; CREATING A PROGRAM TO MENTOR

AND ASSIST SMALL, MINORITY-OWNED BUSINESSES IN DEVELOPING THE

BUSINESS PRACTICES, TECHNICAL COMPETENCE AND EXPERTISE IN

BUSINESS ETHICS, ACCOUNTING PRINCIPLES AND GOVERNMENT

PROCUREMENT THAT WILL ALLOW THEM TO COMPETE IN A MODERN

BUSINESS ENVIRONMENT; ENACTING THE MINORITY BUSINESS

ASSISTANCE ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. SHORT TITLE.--This act may be cited as the

"Minority Business Assistance Act".

Section 2. DEFINITIONS.--As used in the Minority

Business Assistance Act:

A. "department" means the economic development

department; and

B. "minority business" means a business, with its

principal place of business in New Mexico:

(1) the majority ownership of which is held

by individuals who are residents of New Mexico and African

Americans, Hispanic Americans, Asian Americans or Native

Americans; and

(2) that employs twenty or fewer people.

Section 3. MINORITY BUSINESS ASSISTANCE PROGRAM--

DEPARTMENT DUTIES AND POWERS.--

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A. The department shall develop and implement a

minority business assistance program to facilitate the

entrance of minority businesses, located throughout the state,

into the marketplace. As part of the development and

implementation of the program, the department, in

collaboration with the labor department, shall:

(1) develop a process to define and identify

minority businesses that may benefit from additional

assistance and training in the areas of general business

practices, accounting principles, business ethics, technical

expertise, marketing and government procurement;

(2) develop a registry of well-established

businesses, individuals within those businesses, retirees and

other persons that have the expertise and skills that may be

needed by minority businesses and that have expressed a desire

to volunteer as a mentor or otherwise to assist minority

businesses;

(3) develop an outreach and marketing

program so that minority businesses may become aware of the

assistance available and so that needed, experienced

individuals are aware of the opportunity to mentor and assist

minority businesses;

(4) develop training materials and in-house

training expertise; and

(5) create a mentorship program in which

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employees or agents of the department or volunteers with

business experience will visit minority businesses for the

purpose of training, mentoring, advising and otherwise

assisting the minority businesses in the development or

improvement of general business practices, accounting

principles, business ethics, technical expertise, marketing

and government procurement.

B. In performing its duties under the Minority

Business Assistance Act, the department may:

(1) to the extent money has been

appropriated for such purposes, develop a grant program for

minority businesses to acquire the expertise necessary to

compete effectively; and

(2) do all other things necessary and proper

to effectuate the purpose of the Minority Business Assistance

Act.

C. All state agencies shall cooperate with the

department in carrying out the provisions of the Minority

Business Assistance Act and shall, as the opportunity arises,

assist minority businesses and encourage other businesses and

individuals to register as volunteers under that act.

Section 4. MINORITY BUSINESS ASSISTANCE FUND CREATED.--

The "minority business assistance fund" is created in the

state treasury. The fund shall consist of appropriations,

gifts, grants, donations and bequests made to the fund.

Income from the fund shall be credited to the fund and money

in the fund shall not revert or be transferred to any other

fund at the end of a fiscal year. Money in the fund is

subject to appropriation by the legislature to the department

for the purposes of carrying out the provisions of the

Minority Business Assistance Act. Expenditures from the fund

shall be made on warrant of the secretary of finance and

administration pursuant to vouchers signed by the secretary of

economic development.

Section 5. EFFECTIVE DATE.--The effective date of the

provisions of this act is July 1, 2007.

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