State receives $74M for small business investment - Albuquerque Journal

State receives $74M for small business investment

Copyright © 2022 Albuquerque Journal

The state is getting federal dollars to help boost small business investment across New Mexico.

The New Mexico Economic Development Department on Tuesday announced the state received $74.4 million from the U.S. Department of Treasury’s State Small Business Credit Initiative.

The money will be used to “boost capital assistance and invest in socially and economically disadvantaged businesses,” according to the release.

The state’s Economic Development Department will use the money for venture capital/equity and collateral support programs.

EDD said it will work with California-based Avivar Capital to advise the venture capital and equity program development, and to help identify capital needs for socially and economically disadvantaged business owners in the state.

EDD has also requested proposals from investment funds to help underserved businesses grow and create jobs.

About $9 million will be put towards the department’s Collateral Assistance Program. The program improves private lending to small businesses “by bridging collateral requirements at banks and financial institutions,” according to the news release.

“Small businesses are the backbone of so many New Mexico communities, but they often have difficulty finding and qualifying for the assistance they need to grow and create jobs,” Gov. Michelle Lujan Grisham said in a statement. “We now have more capital to support small businesses, making them more resilient and better able to serve the needs of their communities.”

Home » ABQnews Seeker » State receives $74M for small business investment

Insert Question Legislature form in Legis only stories

Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email

taboola desktop

ABQjournal can get you answers in all pages


Questions about the Legislature?
Albuquerque Journal can get you answers
Email addresses are used solely for verification and to speed the verification process for repeat questioners.
Bubblegum and Jeff: Students name fish before releasing endangered ...
ABQnews Seeker
Montessori Elementary students joined ecology experts ... Montessori Elementary students joined ecology experts on Tuesday morning to learn about water use and endangered species through hands-on activities at the Rio Grande ...
Lindsay Fattor named director of operations at Rainbow Ryders
ABQnews Seeker
BRIEFCASE: She has been with Rainbow ... BRIEFCASE: She has been with Rainbow Ryders since 2015.
New Mexico court upholds Native American actor convictions
ABQnews Seeker
SANTA FE, N.M. (AP) -- The ... SANTA FE, N.M. (AP) -- The New Mexico Court of Appeals has upheld the rape and voyeurism convictions of Native American actor and film ...
Blue Cross and Blue Shield of New Mexico names ...
ABQnews Seeker
In Smith-Leslie's new role, which began ... In Smith-Leslie's new role, which began Monday, she will oversee BCBSNM's "strategic direction and overall operations for the New Mexico Medicaid division."
Albuquerque Poet Sara Daniele Rivera wins First Book Award
ABQnews Seeker
NEW YORK (AP) -- A Cuban-Peruvian ... NEW YORK (AP) -- A Cuban-Peruvian poet from New Mexico has won the Academy of American Poets' First Book Award. Sara Daniele Rivera will ...
One dead in Northeast apartment complex fire
ABQnews Seeker
One person died in a Northeast ... One person died in a Northeast apartment complex that caught on fire early Tuesday. 
Migrants start fire at Mexico detention center, killing 40
ABQnews Seeker
MEXICO CITY (AP) -- Migrants fearing ... MEXICO CITY (AP) -- Migrants fearing deportation set mattresses ablaze at an immigration detention center in northern Mexico, starting a fire that killed at ...
Arriba Birria! 5 birria spots around Albuquerque
ABQnews Seeker
5 places to get your birria ... 5 places to get your birria fix
Smashing Pumpkins to play Isleta Amphitheater on Aug. 13
ABQnews Seeker
'Today' is the greatest day. The ... 'Today' is the greatest day. The Smashing Pumpkins announced its 26-date tour and there will be a stop at Isleta Amphitheater on Aug. 13. ...