State investment group to pump $25M into small business development
Sep. 15—The New Mexico Small Business Investment Corp. on Tuesday announced that it will disperse $25 million in support of small business development across the state.
The announcement — and the allocation of funds — comes in partnership with RBC Global Asset Management, a Toronto-based capital management company. The funds will target entrepreneurs in underserved communities in the state to help create loans and spur economic development and reduce wealth gaps in areas of the state where business was disrupted by the COVID pandemic, according to a news release.
"Small businesses are the backbone of the state's economy, and this investment will help create new job opportunities in New Mexico's small, rural, and underserved communities," NMSBIC President and Chairman Joseph Badal said in a statement. "Most new jobs in the state are generated by small businesses, and small firms represent the majority of business enterprises in New Mexico."
The partnership between NMSBIC and RBG Global Asset Management will see the latter "source loans" for small businesses that have a primary location and a majority of employees working in the state, according to the news release. The loans handed out to businesses will be kept in a seperate account managed by RBG Global Asset Management.
NMSBIC was founded in 2001 after the passage of the New Mexico Small Business Investment Act. The organization has a focus on providing equity and debt capital to small businesses through its lending and equity programs.
NMSBIC can be reached at 505-274-7789.
