By Sandy Nelson, Finance New Mexico
Editor’s Note: This program is now known as the Collateral Assistance Program.
Joshua Grassham recognized a novel approach to supporting small business financing when he saw one. The vice president of commercial lending at Lea County State Bank in Hobbs was the first New Mexico banker to secure a client’s loan through a new state program to help collateral-poor businesses.
The New Mexico Economic Development Department (EDD) introduced the Credit Enhancement Program (CEP) earlier this year as a way to help businesses, especially startups, by purchasing short-term certificates of deposit that businesses can use as collateral for larger loans. Continue reading