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Lt. Governor Diane Denish<\/p><\/div>\n
As New Mexico\u2019s lieutenant governor, one of my highest priorities has been to support small businesses throughout the state.\u00a0I\u2019ve owned a small business and know the challenges that confront people like me \u2013 particularly in finding the money and getting well-founded advice on how to start and maintain a business.\u00a0The largest chunk of the business community is businesses that have fewer than 25 workers.\u00a0While major employers like state, federal and local government, the military, financial service industry and health care providers provide a large number of jobs, small businesses are the ones creating new jobs and providing stability to smaller communities around the state.<\/p>\n
In addition to an improved business environment and tax structure, providing investment capital has been a priority of our administration.\u00a0Investments in large projects like Eclipse Aviation capture the headlines, but they\u2019re not the only ones. Statewide, money to small businesses has been increasing.\u00a0Private equity capital has been flowing into New Mexico at an accelerated pace, much of it aimed at the vast pool of technology developed at the national research labs and universities.<\/p>\n
The State Investment Council has played a leading role in attracting venture capital funds.\u00a0Since 1996, it has given money to funds that agree to set up shop in the state and invest in New Mexico companies.\u00a0Those investments have increased over the past few years as nearly 20 funds have helped New Mexico businesses.\u00a0One of them, Mesa Capital Partners, helped Aridien, Inc., a Belen company that makes the desiccant products you find in packaging.\u00a0Aridien, which had four workers when it began searching for money to grow, will likely employ 30 people by year\u2019s end, thanks to Mesa\u2019s investment.<\/p>\n
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The SIC also helped establish a fund managed by local investment professionals who put money into New Mexico businesses.\u00a0Several funds are now headquartered in New Mexico, and Flywheel Ventures and Verge Fund both raised in excess of $20 million from investors including the SIC.\u00a0Two other funds, New Mexico Community Capital and New Mexico Growth Fund, were created to invest in traditional businesses like manufacturing, service and distribution.<\/p>\n
To aid even smaller businesses, legislators in 2000 created the New Mexico Small Business Investment Corp.\u00a0With initial funding of $10 million, the SBIC has developed a series of partnerships with financial professionals to make loans and smaller equity investments.\u00a0The SBIC has been an active partner in the Small Business Forums that I have conducted in 25 communities over the past four years.\u00a0I am pleased to see that loans have been made to more than 1,300 small businesses in almost every community.\u00a0These are loans that traditional lending sources probably wouldn\u2019t have made.\u00a0One went from ACCION to Jerky by Art, a one-man beef-jerky manufacturer who went from feeding only his friends to shipping his 20 flavors all over the country.<\/p>\n
Based on these successes and the growing need for help, legislators increased the SBIC\u2019s funding to more than $45 million.\u00a0Gov. Bill Richardson and I have actively supported these increases with the hope that more New Mexico businesses can qualify for investments or loans.\u00a0To help expand the investment program, I am pleased to announce that the SBIC and its partners have formed an initiative called Finance New Mexico to teach small businesses how to get money.\u00a0Training and resource providers, including the Small Business Development Centers, Empowering Business Spirit, ACCION NM, The Loan Fund, WESST Corp and others, are partnering with the SBIC and its financial partners to make it a bit easier to get loans or investors.\u00a0With these weekly articles, electronic broadcasts and a Web site, Finance New Mexico will give business owners critical information about strengthening this backbone of our economy.<\/p>\n
Learn more about Lt. Governor Diane Denish<\/span><\/strong><\/a>.<\/p>\n Lt. Governor Diane Denish provides background on the State Investment Council, the Small Business Investment Corporation, and the role of the administration in promoting small businesses in New Mexico. Continue reading