$10 Million Added to NMSBIC’s Commitment to Small Businesses Impacted by COVID-19

Second emergency response brings total increased commitment to $35 million

The New Mexico Small Business Investment Corporation (NMSBIC) has again increased its financial commitment to businesses that have been impacted by market disruption related to the COVID-19 crisis. At its April 14, 2020 meeting — its second emergency meeting in less than a month — the board voted to increase its previous $25 million COVID-19 response allocation by $10 million, resulting in $35 million available to its lending partners to assist New Mexico small businesses navigating the crisis. The amount augments the investment capital delivered to lending partners through ongoing cooperative agreements.

NMSBIC president and chairman Joseph Badal said, “The NMSBIC’s lending partners are working hard to help New Mexico businesses that are in need of assistance. Based on demand from our lending partners and the widespread impact of the crisis, the NMSBIC is making this additional funding available.”

NMSBIC is a nonprofit organization created in 2001 and funded by an allocation from the Severance Tax Permanent Fund. In the New Mexico 2019 Legislative Session, the allocation was increased from 1 percent of the fund’s total value to 2 percent. “We are able to increase our support of the New Mexico small business community at this critical time thanks, in large part, to the foresight of Gov. Michelle Lujan Grisham and the state Legislature,” said Badal.

NMSBIC received the additional allocation in January 2020, and now manages nearly $100 million in investment funds. More than half was already committed through cooperative agreements to lending and equity partners to assist small businesses that need capital for expansion and startup.

“The additional COVID-19 response funding is consistent with NMSBIC’s mission to create jobs and promote economic development throughout the state,” Badal said. “It’s critical to help small businesses survive through this difficult time and be in a position to thrive once the crisis is over.”

Businesses should not contact the NMSBIC because it only provides capital to its lending partners, who in turn make individual loan decisions. To inquire about a loan, please contact:

• The Loan Fund, a nonprofit organization that offers business loans and lines of credit up to $500,000 throughout New Mexico. Visit www.loanfund.org. Call (505) 243-3196 or info@loanfund.org.
• DreamSpring, a nonprofit organization that increases access to business credit, offers loans and provides training throughout New Mexico. Visit www.dreamspring.org for details. Call (800) 508-7624 or info@dreamspring.org.
• LiftFund, a nonprofit organization, provides education and capital up to $500,000 to business owners and entrepreneurs in Southern New Mexico. Visit www.liftfund.com. Call (888) 215-2373 or info@liftfund.com.
• Homewise, a nonprofit organization, provides business real estate loans up to $375,000 in Santa Fe and Albuquerque. Visit www.homewise.org. Call (505) 469-6195 or jgilligan@homewise.org.

For more information about the NMSBIC, contact executive director Russell Cummins. Please note that inquiries from businesses about loans should be directed to the NMSBIC’s lending partners listed above.