NMSBIC Outstanding Loans Pass $100 Million in September

Russell Cummins

As of September 30, 2024, the NMSBIC’s outstanding loans grew to over $100 million. Joshua Smith, NMSBIC president and board chair said, “This is a significant milestone and reflects the NMSBIC’s growing impact in helping small businesses throughout New Mexico.”

In 2011, the NMSBIC’s board of directors changed the organization’s strategic direction away from venture capital investments to focus on expanding its small business lending program. Since this change was made, NMSBIC’s outstanding loans have grown from $8 million in 2011 to over $100 million in 2024.

“NMSBIC’s lending partners have made this growth possible,” said Russ Cummins, NMSBIC executive director/investment advisor. “Our lending partners supply small business owners with much-needed funding and provide valuable technical assistance to help small businesses grow.”

NMSBIC’s lending partners include The Loan Fund, DreamSpring, Homewise, LiftFund, RCAC, Ventana Fund, Clearinghouse CDFI, Housing New Mexico, and WESST. Each lending partner organization has its own investment criteria, application process, and distribution system. Entrepreneurs and business owners seeking funding should visit FinanceNewMexico.org.

The New Mexico Small Business Investment Corporation was formed by the Small Business Investment Act in 2001 to enhance the economic development objectives of the state, create job opportunities, and support small businesses in communities statewide. NMSBIC is funded by an allocation from the severance tax permanent fund.