NMSBIC Increases Funds for Homewise
The New Mexico Small Business Investment Corporation voted at its December 2025 board meeting to increase funding for Homewise and update the terms of its financial agreement. With this vote, NMSBIC funding pledged to Homewise is now at $21 million, up from $16 million, with terms that allow Homewise to make commercial loans of up to 10 years.
Homewise is well known for its success in helping homeowners build credit through homeownership. The nonprofit organization launched its commercial lending program in 2020 with a $2 million line of credit from NMSBIC that aimed to help small business owners purchase a building for their operations. NMSBIC funding has been increased several times, and the entire $16 million previously pledged has been fully deployed to 21 different borrowers. Homewise estimates it can deploy an additional $5 million in funding to businesses over the next 12 months.
In addition to the funding increase, the agreement was updated to allow Homewise to offer longer-term loans to its commercial clients. The original NMSBIC line of credit stipulated that funds could be used for up to five years; however, Homewise has found that a 7-year loan term is best for its clients. NMSBIC voted to give Homewise the ability to use NMSBIC funds for up to 10 years, which would allow for a 7-year commercial loan term plus time, if needed, to transition to another source of funding.
Johanna Gilligan, Deputy CEO of Homewise, told the board that the commercial lending program is driving job creation that is important to both NMSBIC and Homewise. The program, which has primarily focused on the Barelas neighborhood in Albuquerque and the Rufina neighborhood in Santa Fe, is helping to strengthen and stabilize neighborhoods by retaining legacy businesses. In addition to loans, the program also provides support and technical assistance to small businesses and nonprofits that might otherwise feel too intimidated to purchase a facility.
Por Vida is a successful downtown Albuquerque business that received the first Homewise commercial loan, and it represents a tangible achievement of the Homewise commercial loan program. Por Vida was enabled to purchase a distressed building at 4th Street and Coal Avenue in downtown Albuquerque that had been vacant for more than a decade. Por Vida renovated the building and now operates several businesses inside. Sixteen tattoo artists anchor the space, which also houses an athletic shoe shop, a hair salon and barber shop, and a coffee shop. A wholesale equipment company that sells tattoo equipment to other tattoo artists is in the building that now employs more than 30 people. Por Vida also offers employment opportunities for people with few opportunities such as those with criminal backgrounds transitioning out of prison.
Other commercial loan examples include funding for the Partnership for Community Action and Life Link. Partnership for Community Action, which partners with Southwest Creations to employ underserved women doing textile arts, was able to purchase a manufacturing facility Albuquerque’s South Valley. Life Link is a behavioral health center that provides therapy for individuals and groups and is a critical resource in addressing Santa Fe’s homelessness and behavioral health issues. Homewise also helped the Life Link project by attracting another investment that increased its success.
Read more about the Homewise Commercial Loan Program on the Finance New Mexico project website and Homewise website.