Representatives from the New Mexico Economic Development Department and New Mexico Finance Authority visited the Roswell Chamber of Commerce Tuesday to share information about a funding program that can benefit small businesses.
The state received more than $13 million in 2011 from the U.S. Department of Treasury, as part of the State Small Business Credit Initiative.
The NMFA administers the funds through the Collateral Support [auth] Loan Participation Program and works with banks to provide capital to eligible businesses for expansion or job creation and retention.
“We don’t want to compete with the bank … we’re here to partner with the bank,” said Sanjiv Doreswamy, commercial lender with the NMFA. “It’s a win-win situation for everyone all around.”
More than $8.5 million is available and funding amounts vary depending on location and how the funds will be used. Antoinette Vigil, finance development team leader for the state’s Economic Development Department, said at most, $3 million is available for businesses in rural areas.
“We want the small-business owner to know the state is not only helping big industries, it’s also helping small businesses,” she said. “To have these funds available can have an impact on retaining the small business community in rural areas.”
The state has until the end of the year to deploy federal funds, she said, but hopes to keep the program going afterward.
For more information on the Collateral Support Loan Participation Program, call local Economic Development Division Community, Business and Rural Development Team Representative Mark Roper at 562-0327 or visit gonm.biz/Business_Finan-cial_Assistance.aspx.