Udall Applauds Approval of Funds to Spur $138 Million in N.M. Small Business Lending

Access to New Funding will Create New Small Business Jobs

WASHINGTON - U.S. Senator Tom Udall (D-NM) applauded the administration's approval of New Mexico's Small Business Credit Initiative (SSBCI) application, which is expected to generate $138 million in new small business lending in the state.

"This year I've held small business and economic development roundtables across New Mexico, and small business owners consistently cite the lack of small business lending as a barrier to creating new jobs," Udall said. "This initiative opens up a new pool of funds that partners government with private sector lending to spur job creation in our state."

The U.S. Department of the Treasury announced today that New Mexico can now access $13.8 million in SSBCI funds. The state expects to generate at least $10 in new private lending for every $1 in SSBCI funding, providing a total of $138 million available for New Mexico small businesses. The funds will be administered through a collaboration between the New Mexico Economic Development Department and the New Mexico Finance Authority.

SSBCI is open to states that establish a new, or have an existing, capital access or state credit support program that meets the eligibility requirements in the Small Business Jobs Act of 2010. By leveraging federal funds, the $1.5 billion commitment for this program nationwide is expected to result in at least $15 billion in additional private lending.