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New Mexico Educators FCU Donation Boosts Innovate ABQ Effort

Nov 03, 2014

New Mexico Educators FCU Donation Boosts Innovate ABQ Effort

Innovate ABQ, the economic collaboration project spearheaded by the University of New Mexico, is pleased to announce New Mexico Educators Federal Credit Union as a founding partner. New Mexico Educators FCU has committed a $3 million dollar investment in support of Innovate ABQ, as the first private sector investment toward the creation of an innovation center in downtown Albuquerque.

Innovate ABQ creates an environment where students, educators, entrepreneurs, community and business leaders come together, spurring creative collaboration and shortening the cycle of business development and job creation. New Mexico Educators FCU is providing the partnership and commitment from the private business community needed to bring this exciting and creative concept to life.

"New Mexico Educators Federal Credit Union is proud to be a founding partner of Innovate ABQ," said Terry Laudick, President and CEO, "This investment was made to improve the educational and economic opportunities for New Mexicans. A stronger, more viable community has a positive impact both for our members and everyone in the community, day in and day out."

“We can only go so far from an education and government perspective. Having a private partner is critical to making this venture work,” President Robert G. Frank said. “New Mexico Educators Federal Credit Union is unrivaled in its vision, community support and leadership. We hope their investment will inspire other businesses and organizations to collaborate with their capital and resources to make a difference in New Mexico’s future.”

New Mexico FCU joins the city of Albuquerque in making a financial commitment to the innovation center concept. Mayor Richard Berry set aside more than $2 million dollars from a recent bond issue for the project. UNM is also awaiting word on a $1.5 million federal Economic Development Administration grant designated for Innovate ABQ. The University continues to seek other partners, both public and private, for the project.

The Innovate ABQ initiative focuses on promoting opportunities for jobs by fostering entrepreneurship and innovation. Albuquerque already has key elements required for a knowledge economy including UNM - a Tier One research university with an associated teaching and research hospital, national research laboratories, government support and a committed business community. Innovate ABQ will bring all of the elements into close proximity to create an economic eco-system that will nurture creativity, spur entrepreneurship and encourage job growth.

Innovate ABQ connects our local research community directly to private and government resources in a small, efficient environment," adds Laudick. "Based on early results from similar projects in other states, this collaborative approach is incredibly effective."

Now in its 77th year, New Mexico Educators Federal Credit Union is a member-owned, not-for-profit financial cooperative and one of the largest credit unions in New Mexico. With more than 140,000 members and 16 branch locations, New Mexico Educators FCU serves its member-owners and their communities with a full range of financial services.

New Mexico Educators FCU, guided by its founding Cooperative Principles, is focused on the long-term growth of the community and has long-standing collaborations with a wide variety of outstanding education, healthcare, and other community organizations throughout New Mexico.

Since 1981, New Mexico Educators FCU’s partnership with the UNM community has leveraged non-traditional resources to help strengthen and support the university’s goals in student retention and academic achievement. This collaboration has produced a myriad of innovative programs, including scholarships, financial capability curriculums, targeted financial products and a campus-wide Wi-Fi system.

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