Albuquerque. The Loan Fund, a nonprofit alternative lender, is pleased to announce that it has received $1.5 million in new funds from the New Mexico Small Business Investment Corporation (NMSBIC) to lend to small businesses, entrepreneurs, and nonprofits throughout the state.
“The NMSBIC is delighted to provide this additional funding to The Loan Fund. The Loan Fund has a proven track record of making loans to new or growing small businesses throughout the state. Often these small businesses are not able to obtain loans from traditional banks, which is why this funding is of such importance for the state’s economic development and job growth,” stated Roxanna Meyers, NMSBIC Board Chair and President.
The Loan Fund now manages $10 million in NMSBIC funds including this new investment and is the NMSBIC’s largest lending partner. Since receiving its first NMSBIC investment of $1.5 in 2004, The Loan Fund has made over $22 million in loans using NMSBIC funds that have resulted in the creation or preservation of over 3,000 jobs in New Mexico.
“The NMSBIC’s partnership with The Loan Fund is a proven win-win relationship between the State of New Mexico and a nonprofit organization that is deeply committed to advancing true grassroots economic development statewide. These new funds will further our ability to assist New Mexico’s underserved small businesses and nonprofits,” states Leroy Pacheco, President/CEO of The Loan Fund.
About The Loan Fund
The Loan Fund is a nonprofit organization that provides loans from $5,000 to $500,000 and consulting services to small businesses, entrepreneurs, and nonprofits across the state that are typically unable to access credit through traditional lending sources . Founded in 1989, The Loan Fund has made over $52 million in loans since inception that have created or preserved more than 7,300 jobs in New Mexico.
About the NMSBIC
The NMSBIC was created in 2001 under the New Mexico Small Business Investment Act to stimulate job creation with funds allocated from the Severance Tax Permanent Fund. It is managed by six volunteer board members appointed by the governor and approved by the Senate. The state treasurer serves as the seventh board member. The NMSBIC provides funding for loans to New Mexico small businesses though its lending partners, including The Loan Fund.