The New Mexico Small Business Investment Corporation (NMSBIC) has allocated an additional $2.5 million to The Loan Fund, making its total investment to the nonprofit $37.5 million.
The state legislature created the NMSBIC more than two decades ago when legislators decided to take a tiny percentage of a tax fund to help support small businesses in the state. The NMSBIC partners with nonprofits like The Loan Fund to offer small business loans to New Mexicans who may not qualify for financing from a traditional bank.
Russell Cummins, NMSBIC Executive Director/Investment Advisor, made the announcement during a recent Board of Directors meeting. Loan Fund President/CEO F. Leroy Pacheco signed the resolution accepting the funding increase on May 17, 2024.
The additional support will help The Loan Fund continue its mission of providing loans and assistance to improve the economic and social conditions of New Mexicans. The NMSBIC is one of The Loan Fund’s biggest investors and has been investing in the organization and other New Mexico community lenders since 2003.
The Loan Fund extends its gratitude to the NMSBIC for its trust and support.
“Together, we can make a positive impact on the small business community in New Mexico,” Pacheco said.