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NM uses $5M to boost small business

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NM-economic-developmentThe New Mexico Economic Development Department, in partnership with the New Mexico Finance Authority, announced Monday that it has distributed $5,412,974 in loan funding for small businesses since 2011.

That data is according to a new report from the U.S. Department of the Treasury’s State Small Business Credit Initiative. New Mexico utilizes SSBCI funds to attract private lending and investment in small businesses, often by partnering with local financial institutions, the Economic Development Department said in a news release.

“These funds are a great resource to drive growth for New Mexico’s small businesses,” said Economic Development Secretary Jon Barela in a statement. “We invite small business owners to take part in this opportunity which helps leverage their assets and expand.”

The funding resulted in an estiamted 151 new jobs and over $7 million in private investment, according to the department.

NMEDD has received a second allocation of $4,345,555 to use to help small businesses. A total of $13,168,350 has been awarded to New Mexico.

To learn more about the State Small Business Credit Initiative, visit www.treasury.gov/ssbci.

For more information on New Mexico’s SSBCI program, visit http://www.gonm.biz/Business_Financial_Assistance.aspx or contact Antoinette Vigil at (505) 827-0264.

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