NMSBIC Board Elects Joshua L. Smith President and Board Chairman

Joshua L. Smith has been elected President and Board Chairman of the New Mexico Small Business Investment Corporation (NMSBIC). Smith, who was appointed to the NMSBIC board of directors by Gov. Michelle Lujan Grisham in January 2022, has 23 years of experience in banking and finance and is the New Mexico Commercial Division Manager and Senior Vice President for WaFd Bank.

Smith’s experience and leadership skills accredit him to lead the NMSBIC. Since 2017, Smith has overseen an 80 percent increase in WaFd Bank New Mexico’s commercial loan portfolio. He earned a bachelor’s degree in finance from the University of Colorado at Boulder, a Leadership Award from the Western States School of Banking, and numerous other accolades.

Smith replaces Joseph Badal, who served on the NMSBIC board since 2011, including several terms as NMSBIC president and board chairman. Other newly elected officers include Anne Beckett as Vice President and Vice Chair, and Robert Valdiviez as Secretary Treasurer.

The New Mexico Small Business Investment Corporation was created in 2001 under the New Mexico Small Business Investment Act to create new job opportunities and to support small businesses statewide. Funded by an allocation from the Severance Tax Permanent Fund, NMSBIC manages more than $120 million in capital that is delivered to small businesses by its partner lending organizations and New Mexico equity funds. Lending partners include nonprofit Community Development Financial Institutions (CDFIs) such as WESST, The Loan Fund, DreamSpring, Homewise, Ventana Fund, and others. NMSBIC funds directly benefit New Mexico small businesses that need capital for expansion or startup.

Since its inception, the NMSBIC has supported 24,408 jobs in New Mexico, with 7,092 loans to small businesses in 31 of New Mexico’s 33 counties. In its last fiscal year, 70 percent of NMSBIC loans were made to minority-owned businesses and 45 percent were made to woman-owned businesses. NMSBIC funds have enabled New Mexico small businesses to finance expansion, create and retain jobs, and increase the state’s economic livelihood.