In 1972, Phil Archuleta started P&M Signs in the rural community of Mountainaire, New Mexico. Back then, Mr. Archuleta probably didn’t know his company would be one of MBDA’s first and longest-standing clients but now nearly 40 years later he’s seen his company grow substantially, more than doubling gross sales and hiring 30 new employees along the way.
Its minority entrepreneurs like Mr. Archuleta who inspired Representatives Mike Honda (D-CA), Nydia Velázquez (D-NY), Barbara Lee (D-CA) and Dale Kildee (D-MI) to sponsor a resolution (H. Res. 215) to recognize MBDA and its network of business centers’ accomplishments, highlighting the importance of minority businesses on our economy.
“The future of the economy depends on the success of minority businesses,” Rep. Mike Honda (D-CA) said. “Minority enterprises account for $668 billion in total annual receipts, employing close to 5 million in our country. I applaud MBDA for assisting these entrepreneurs in creating American jobs for the past 40 years.”
Minority entrepreneurs continue to be innovative, creating the jobs of tomorrow and fueling our economy. Mr. Archuleta and P&M Signs is just one example of success. Minority firms are growing at a faster rate than non-minority firms and are being established at every level, from small and micro operations to rapidly growing technology firms, for example.
No one knows this better than the Chair of both the House Small Business Committee and the Congressional Hispanic Caucus, as well as co-sponsor of the resolution, Congresswoman Nydia M. Velázquez (D-NY).
“I have a deep appreciation for the importance of minority businesses. Minority entrepreneurs open new businesses at a rate three times the national average, and their success is vital to the future of our economy,” Congresswoman Nydia M. Velázquez (D-NY) said. “I congratulate the MBDA on its 40th Anniversary and look forward to continuing to work with them to ensure the success of minority-owned businesses.”
What really fueled Mr. Archuleta’s success was his connection to MBDA’s New Mexico Business Enterprise Center and Executive Director Anna Muller where he’s been a client since his company started. During that time, the business center has helped P&M Signs to grow their business including securing an $850,000 SBA Guaranteed loan to build an 11,700 square-foot building.
In collaboration with the U.S. Forest Service and the Department of Energy’s Sandia National Laboratories, Mr. Archuleta developed and patented an environmentally friendly composite sign material trade named Altee. If you’ve ever been in New Mexico, more than likely you’ve seen one of Mr. Archuleta’s signs.
I think Congressman Dale E. Kildee (D-MI) sums it up best:
“I commend the Minority Business Development Agency (MBDA) for providing funding for a network of minority business centers located throughout the Nation. These centers provide an invaluable service to minority entrepreneurs with one-on-one assistance in writing business plans, marketing, management, and technical assistance and financial planning to assure adequate financing for business ventures. It is my hope that MBDA will build upon its strong record of business generation and job creation in communities suffering the highest poverty and unemployment rates in the Nation,” said Congressman Dale E. Kildee (D-MI), Democratic Chairman of the Congressional Native American Caucus.