New Mexican Aircraft Parts Repair Firm Nets State Grant

New Mexico Community Capital, a statewide venture fund seeking both financial and economic development returns, has invested $500,000 in a metro-area aircraft parts repair company.

Aero Mechanical Industries Inc., which opened its doors in in Rio Rancho in late 2004 and employs just more than 50, will use the funds to purchase new equipment, pay off debts and expand its services, said its co-founder and CEO, Jim Cooper.

New Mexico Community Capital is a so-called community development venture capital fund, created in 2005 with about $9 million from the state, nonprofit foundations and banks.

Unlike traditional venture firms, which seek to rapidly build the value of startup companies and reap profits, New Mexico Community Capital seeks unique or established companies that might have otherwise never considered seeking growth capital. Besides returning value to its investors, the organization seeks to be a catalyst for on job growth, especially in rural and underserved parts of the state, by assisting businesses with management expertise.

Aero Mechanical is licensed by the Federal Aviation Administration to maintain, repair and overhaul aircraft parts, such as rudders, ailerons and landing gear doors, that are subject to damage from debris or corrosion. Its customers include airlines, freight haulers and parts suppliers.

Last year, the company received $80,000 in reimbursements for employee training under the state Economic Development Department's Job Training Incentive Program.

Cooper says business has been good. The company expects to hire another 10 employees in the next month.

"Last year was really dynamic, kind of like a snowball," he said. "We're really gaining momentum."

New Mexico Community Capital founder Jarratt Applewhite said the investment came after about a year of watching the company, following a 2005 visit.

Aero Mechanical is the third announced investment for New Mexico Community Capital. Others include oil field equipment overhaul company Desert Power, of Farmington, and Albuquerque's TruTouch, which is developing a device for law enforcement agencies that detects blood alcohol levels by shooting light through skin.

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