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 financial institution $37.5 million. The additional funds will allow The Loan Fund to offer more capital to small businesses to help them grow.
The state legislature created the NMSBIC more than two decades ago to help support small businesses in the state. The NMSBIC partners with lending organizations like The Loan Fund to offer small business loans to New Mexicans who may not qualify for financing from a traditional bank.
The additional funds 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.
“Together, we can make a positive impact on the small business community in New Mexico,” said Leroy Pacheco, President and CEO of The Loan Fund.