Small Size No Deterrent for Nonprofit Lender Accion

March 31, 2019 | Reprint from Rio Rancho Observer; by Roger Makin

Entrepreneurs come in all shapes and sizes, but they all share a love of what they do and the desire to further their endeavors.

For Charles Riley of Carrizozo, entrepreneurship began at an early age. He built his first house at age 21 on land donated by his parents. It was at that time he also started building and selling furniture as a hobby.

While serving as a firefighter in Stratford, Connecticut, Riley simultaneously worked a full-time construction job. As he put it, “I loved the job as a firefighter, but it also had very flexible hours.”

At one point he owned an art gallery in Sun Valley, Idaho. But Riley’s path eventually led him to Carrizozo, New Mexico, where he offered to build a house for his daughter. The construction project became his when his daughter decided to move back to Vermont. Riley finished the house, moved in and stayed.

Carrizozo has turned out to be a good working environment for the artist-entrepreneur. Rather than building houses, Riley now focuses on wood and steel sculptures he calls solarlites. Made of quarter-inch welded steel and wood — materials he salvages from the automotive industry — the sculptures enhance rooms and outdoor spaces by illuminating in the dark.

When Riley approached a local banker for a loan to purchase machinery that would help his business grow, he was told the bank couldn’t help him — it wasn’t interested in loaning such a small amount. But that’s when Riley was referred to Accion.

“I talked to [Accion] on a Thursday and by Monday morning they had the paperwork to initiate a $5,000 loan. They were A-1 from the beginning,” he said.

Accion is a community development financial institution (CDFI) that works with entrepreneurs and business owners who don’t fit the lending criteria of a traditional bank. The nonprofit organization assists small businesses with microloans that establish credit or fund startup costs, and it helps larger businesses with loans and lines of credit up to $1 million. Since its inception in 1994, Accion has lent more than $142 million to more than 9,200 small businesses that have created almost 19,780 jobs in 600 communities spanning the five-state region it serves.

Gabriela Marques, New Mexico Market Manager for Accion, worked with Riley to secure his loan. “We are thrilled that Charles is embracing entrepreneurship as part of his retirement,” she said. “We are proud to support clients from rural communities and happy that we were able to provide Charles with the right-sized loan for his business needs.”

For Charles Riley, the small town of Carrizozo provides inspiration and space to pursue his business, but it also presents some hurdles. Marketing can be a challenge, he said, but most of his customers are the result of word-of-mouth referrals. “I’ve done remodeling jobs for several people in town and that’s how they know about me,” he said. Riley also uses the internet and plans to use it more to expand his marketing efforts.

About the future, Riley is very direct: “I have no interest in stopping what I’m doing. I want to make this a business,” he said.

To purchase a solarlite, contact Charles Riley at madeofwoodorsteel@gmail.com. For more information about Accion, visit https://us.accion.org/region/az-co-nv-nm-and-tx/.