“There is no substitute for nurturing relationships and maintaining a steadfast belief in one’s mission.” – Lupe Mares
Lupe Mares has a vision for El Paso, Texas. For almost 40 years, Mares’ career has been dedicated to creating a vibrant local economy, offering small local businesses the knowledge, mentoring and financing to help them grow—and keep money circulating in communities across the greater Borderplex Region. Her contributions have amplified the incredible momentum already generated by key economic partners in El Paso, crystallizing a unified vision for a more inclusive and resilient economy in the region.
LiftFund Event. From left to right: Lupe Mares (Junior Achievement), Congresswoman Veronica Escobar (TX-16), Janie Barrera (LiftFund), and Amy Hereford (LiftFund).
Mares has been instrumental in working with the Aspen City Action Lab,* a pilot launched by the Aspen Institute Latinos and Society Program and the Nowak Metro Finance Lab at Drexel University from 2021-2023, focused on accelerating the economic recovery of small businesses and securing pandemic relief federal investments in six Latino-majority communities. Mares co-led the El Paso steering committee to reduce fragmentation and strengthen relationships and coordination to ensure small businesses thrive.
One of the principal projects of the El Paso City Action Lab is the Supply El Paso procurement playbook.** “The El Paso Chamber of Commerce collaborated closely with teams from the Aspen Institute Latinos and Society Program and Drexel’s Nowak Metro Finance Lab to arrange meetings involving small business owners, the Small Business Development Center, the El Paso Hispanic Chamber, and other essential stakeholders across the greater El Paso region,” says Mares, who was then part of the Chamber of Commerce Foundation. These discussions brought to light inconsistencies in the process of awarding contracts to small businesses, and with the comprehensive data the team gathered, they compiled a playbook tailored for El Paso. “This playbook has since undergone review by both the City and County of El Paso, who have committed to implementing changes and adopting several of the recommendations outlined.”
But Mares knows there’s more to economic opportunity than procurement guidelines.
“Effective economic development hinges not just on financial acumen, but on the ability to build trust, communicate a compelling vision, and forge strong partnerships with stakeholders who share a commitment to community well-being.”
Mares, recognized as a distinguished Woody Hunt-Aspen Institute Fellow, talked with us about her impactful work, innovative process, and inspiring vision for the future in a recent email exchange.
Q: What inspired you to pursue a career in finance and economic development?
My parents were my inspiration. From childhood, I served as a bridge between them and the complex systems we faced in America. My Spanish-speaking mother and my father, a retired plumber disabled by a workplace injury, often relied on me to navigate cultural and financial barriers. These experiences, coupled with my parents’ emphasis on education and perseverance as transformative forces, shaped my worldview. Their resilience and my deep connection with my community have been the guiding lights of my career path.
After 34 years at the Federal Reserve Bank of Dallas, El Paso Branch, I decided to dedicate my expertise to non-profit work as a way to give back. I feel grateful for the impactful roles I’ve held at LiftFund, a non-profit small business lending company, the El Paso Chamber of Commerce Foundation, and, as of August 26, 2024, the new President of Junior Achievement of El Paso. Each position has allowed me to create economic opportunities for the most marginalized communities by developing and implementing financial literacy initiatives. I’ve had the honor of working with incredible leaders and forming impactful partnerships.
Q: Tell us about your experience working with the Aspen Institute to help EL Paso small businesses thrive.
The Aspen Institute helped us break down silos. Mirella Craigo of the City of El Paso Economic Development and I served as co-leads for the El Paso-Aspen City Action Lab. We were assigned the responsibility of bringing together a diverse group of civic and private sector leaders to achieve collective action. I am proud that our time together resulted in creating the City of El Paso’s Business One Stop Shop (BOSS), which offers business education, technical support, and customized financial products for small and micro businesses.
Supply El Paso was also a highlight for our committee. Research by the Aspen-Drexel team revealed that at the local and federal levels, approximately 7 out of every 10 dollars of public contracting goes to firms located outside El Paso. During my tenure as Regional Vice President at LiftFund, I observed many out-of-town companies selected over El Paso small businesses for contracts. While it’s true that some local businesses may not have been fully prepared to bid on certain contracts, providing them with an entry point to collaborate with larger general contractors could offer invaluable experience, potentially enabling them to successfully bid for contracts in the future.
The ripple effect of awarding contracts to local small businesses extends far beyond the individual company; when a small business secures a contract, its access to loans and lines of credit typically increases, allowing it to fulfill its obligations. Moreover, for every dollar lent to these businesses, approximately $14 is reinvested into the local economy.
2022 Summer Socrates Seminar. Art Gloria (SHRM) and Lupe Mares (Junior Achievement).
I am so proud that both the BOSS and Supply El Paso have received vital support from El Paso Mayor, Oscar Leeser, the City Council, as well as County Judge Ricardo Samaniego and the County Commissioners. This type of coordinated leadership ensures the sustainability of these initiatives.
Being selected as a Hunt-Aspen Fellow in 2022, thanks to the Woody and Gayle Hunt Scholarship, was also incredibly meaningful for me. I had the opportunity to travel to Aspen and learn from impactful leaders from all over the country. This exchange of ideas and peer learning are critical to broadening perspectives. I returned to El Paso with a renewed commitment to double down on my efforts for greater financial inclusion and economic development.
Q: Please share about an entrepreneur who has benefitted from your support and guidance in your various roles.
Throughout my career, I’ve had the privilege of supporting and guiding numerous entrepreneurs, but one experience stands out as a powerful example of the impact of targeted assistance and perseverance.
During the pandemic, I focused on helping small businesses in the Colonias, which are unincorporated communities along the US-Mexico border characterized by high poverty rates and poor living conditions. Many of these mom-and-pop businesses lacked access to broadband internet or computers, making it challenging for them to apply for available grants. To bridge this gap, I collaborated closely with Promotoras, community leaders who work on health promotion projects in the Colonias. Together, we devised a system where the Promotoras would help business owners complete paper applications, which they would then deliver to my home mailbox.
I would manually enter this information to ensure these businesses could benefit from the grants. Communication often relied on text messages, with owners sending photos of required documents. Even small grants of $5,000 or less made a significant difference, helping these businesses pay utilities or simply keep their doors open. The gratitude of these business owners was profound. Many of these beneficiaries spread the word about available assistance to others in their community.
Q: Much of the work of nonprofits is to raise funds; what strategies do you find effective?
The best advice I received was always to have a well-thought-out plan and genuinely believe in what you’re doing to help funders understand the importance of your cause. I’ve found that collaboration with a diverse array of organizations is crucial. Working closely with the County and City of El Paso has been invaluable. Thanks to their funding, LiftFund implemented an interest rate buy-down program, which significantly aided local enterprises and created a tangible economic impact.
Fostering relationships with financial institutions has also been imperative. Credit unions and big banks will refer small businesses that don’t meet their qualification criteria to CDFI’s like LiftFund. The goal is to help these entrepreneurs become creditworthy, enabling them to eventually return to traditional financial institutions. This collaborative approach helps combat the risk of small businesses turning to predatory lending when denied by conventional banks.
I’ve also actively contacted local foundations, philanthropists, and various programs that prioritize entrepreneurs and small business development. A broad network of partnerships spanning public, private, and non-profit sectors has been essential in securing funding opportunities and resources.
Q: What’s one piece of advice you would give our readers?
It would be the crucial role of financial literacy in personal and economic well-being. The potential positive impact on our economy and individual lives would be immense if everyone had a solid foundation in managing their finances. This conviction was reinforced during the pandemic, where I witnessed many businesses struggle to qualify for crucial support like grants, the Paycheck Protection Program (PPP), and Economic Injury Disaster Loans (EIDL) due to inadequate financial management. Some businesses operated solely on a cash basis, making it impossible to prove their income, while others either didn’t file taxes or reported losses to avoid tax payments. These practices, while perhaps seeming beneficial in the short term to business owners, ultimately hindered their ability to access vital assistance when needed.
As the new President of Junior Achievement of El Paso, my personal story comes full circle. JA’s comprehensive programs focus on financial literacy, workforce and career readiness, and entrepreneurship and are more important than ever. I see the generational impact of financial empowerment and education through my family. Our mantra, “Teach a child, reach a parent,” is my own experience. My older son is in law enforcement, and another is set to graduate from law school in 2025. Because of this, I am doubling down my advocacy for policies that integrate financial education as a core subject from kindergarten through 12th grade. Financial literacy should be universally recognized as an essential life skill.
*The Aspen City Action Lab was underwritten by Bank of America, Kauffman, and Surdna Foundations. The Supply El Paso procurement playbook was underwritten by the Rockefeller Foundation.
This piece was originally published in the Aspen Partnership for an Inclusive Economy’s monthly newsletter, The Slice. Subscribe here.
