WASHINGTON - U.S. Senators Jeff Bingaman and Tom Udall today reported that the Senate Appropriations Committee has cleared legislation to support business in New Mexico and around the nation.
The senators said that the fiscal year 2011 Financial Services and General Government appropriations bill is now ready for consideration by the full Senate. In addition to valuable project requests for New Mexico businesses by Bingaman and Udall, this measure contains an almost 10 percent budget increase for the Small Business Administration for small business lending, micro-loan grants and to support Small Business Development Centers.
"Small businesses are the backbone of any economy including that of our state. The funding in this bill is an investment in these New Mexico businesses and in the state's economy as a whole," Bingaman said.
"As our nation continues to recover from the worst economic disaster since the Great Depression, we must do everything we can to help our small businesses thrive," said Udall. "This legislation will infuse assistance to small businesses through the SBA and fund valuable projects back home."
In total, the Small Business Administration will receive funding of $1.1 billion, an increase of $108 million (9.8 percent) above the request. Funding supports over $65 billion in small business lending, and also includes $22 million for microloan grants, $4 million to support $25 million in Microlending, and $117.5 million for Small Business Development Centers.
The legislation also makes key project investments requested by Bingaman and Udall, including:
$100,000 - Kachina Business Incubator (Gallup, NM)
To support the City of Gallup's redevelopment of the former Kachina meat packing plant into a regional business incubator. The redevelopment of this property will convert a blighted and abandoned structure into a productive business center and help support start-up businesses in the region.
$100,000 - Mora Valley Spinning Mill (Mora, NM)
To support the Mora Valley Spinning Mill's efforts to grow the local natural fiber economy. This non-profit works to positively impact the local economy by helping farms develop markets and products for textiles derived from natural fibers.
$100,000 - New Mexico Youth Entrepreneurship Network (Santa Fe, NM)
To support the New Mexico Youth Entrepreneurship Network. The network builds entrepreneurship skills through a statewide youth business plan competition, a statewide best practices in youth entrepreneurship grant program, and statewide Entrepreneurship Week activities.
$100,000 - Taos Pueblo Village Restoration & Preservation (Taos, NM) -
To support the Taos Pueblo's renovation of its historic buildings. These adobe buildings are UNESCO World Heritage sites and the physical and cultural center of the Taos Pueblo.
