Board Approves Additional $7 Million for Ventana Fund

The NMSBIC Board of Directors at its October 2025 meeting approved a funding increase for Ventana Fund. The NMSBIC’s commitment to Ventana Fund increased from $34.5 million to $41.5 million.

Todd Clarke, Ventana Fund Board Chair, said the organization started with a $2 million line of credit from NMSBIC and has experienced exponential growth since then. He credits much of the growth to the organization’s relationship with NMSBIC. Ventana Fund now has $50 million in assets, he said.

Mr. Clark reported on other positive changes.

Ventana Fund has added full-time staff, and it recently acquired a downtown property as its headquarters, now located at 715 Tijeras Avenue in Albuquerque. The property is owned free and clear and is expected to support growth for the next 5–7 years.

An Equity Equivalent (EQ2) investment from Enterprise Bank recently increased from $1 million to $2 million in the form of an unsecured debt with good terms.

First Citizens Bank donated $15,000 to support Ventana Fund’s education program, which will benefit about 150 students. A grant from the U.S. Treasury paid for a classroom and the development of subject matter. The goal of the education program is to reach younger people about “the amazing opportunity to get on the property ladder, let it become their escalator, and eventually become a Ventana Fund borrower,” he said. Ventana Fund leaders hope the education program will help the demographics of the New Mexico real estate investor community begin to match those of the state.

NMSBIC Executive Director Russ Cummins offered additional context for increased investment by NMSBIC. Mr. Cummins referred board members to NMSBIC’s loan concentrations report and noted the request from Ventana Fund would increase NMSBIC’s concentration in workforce housing from 19% to 23% of NMSBIC’s net assets, a percentage well under the investment guidelines the board has set. Mr. Cummins also highlighted Ventana Fund’s outreach and origination of loans in communities beyond Albuquerque, including Socorro, Las Vegas, Alamogordo, Las Cruces, Truth or Consequences, Hobbs, Santa Fe, Terra del Sol, Española, Cleveland, and Portales.

Ventana Fund is a Community Development Financial Institution (CDFI) that provides capital to increase the supply of affordable housing throughout New Mexico. It fills the financing gap for the rehabilitation of five- to twenty-unit multifamily housing properties, of which there is a critical need. Ventana Fund was certified as a CDFI by the U.S. Department of Treasury in 2015. Ventana Fund recently passed a number of milestones, including the origination of more than 100 loans and over 1,300 housing units provided.

Learn more about Ventana Fund, and find other NMSBIC-funded lenders at the Finance New Mexico project.