A family team who are Zuni Tribal members owns and operates Major Market, Inc. The small business is located on the Zuni Pueblo, a rural community about 150 miles west of Albuquerque. Major Market is a fresh food deli and market that will offer natural and organic foods. Major Market will partner with local food suppliers to advance a farm to table model.
Zuni Pueblo has about 6,300 residents, and approximately 97 percent of the population is Native American. The Zuni community has most essential community services and facilities, and a substantial array of Tribal government programs to assist Tribal members. Median Household Income (MHI) in Zuni is $34,479, compared to New Mexico’s $44,968 statewide MHI.
With grocery shopping in the community limited to traditional convenience stores, access to healthy food is limited. The owners see an opportunity to support tribal health initiatives by promoting healthy eating habits and providing access to fresh meat and produce. Family members, one of whom is a chef, will run Major Market. The project is expected to create six full-time and three part-time jobs, and the owners plan to hire Tribal members. Major Market is one of only three Native-led businesses on the Zuni Pueblo.
Use of Proceeds:
The borrower will use a $544,000 loan to establish a new convenient store and deli, including $52,250 to purchase equipment for the project.
Collateral will consist of a leasehold mortgage on the principal’s interest in the real property and a UCC General Business filing and Security Agreement on all business assets.
Community (social) value: Borrower plans to offer a variety of fresh foods for retail sale. This will be a much-desired benefit for the community as it seeks healthier foods that are not now being offered locally. Also, borrower will be the only local and Native American owned deli and convenience store in the community.
Economic value: This loan will allow a solid business proposal to proceed to fill a void in the local economy for grocery availability, particularly for fresh and healthier foods.