Additional Funds Allocated to NMSBIC

The New Mexico Small Business Investment Corporation received $28,348,712 in new funding from the Severance Tax Permanent Fund in February 2025.

Per the authority of the New Mexico State Statute, the NMSBIC receives an allocation of 2 percent of the Severance Tax Permanent Fund. During the 12 months that ended on June 30, 2024, the Severance Tax Permanent Fund grew by $1.4 billion, from $8.3 billion to $9.7 billion. The NMSBIC received 2 percent of the $1.4 billion increase.

The NMSBIC is a nonprofit New Mexico corporation exempt from taxation under §501(c)(4)of the Internal Revenue Code. NMSBIC operates on a fiscal year beginning July 1 and ending June 30. It is managed by a board of directors consisting of six members appointed by the Governor, in addition to the State Treasurer and the State Investment Officer or their designees. 

Since its inception, the NMSBIC has supported more than 25,000 New Mexico jobs with over 7,200 loans to small businesses through its lending program.