For more than 30 years, The Loan Fund has relied on partnerships to fulfill its mission of providing loans and assistance to improve the economic and social conditions of New Mexicans.
One such important partner is the New Mexico Small Business Investment Corporation (NMSBIC), which the state legislature created two decades ago when legislators decided to take a tiny percentage of a tax fund to help support small businesses in the state. The NMSBIC partners with nonprofits like The Loan Fund to offer small business loans to New Mexicans who may not qualify for financing under a traditional bank.
“Our experience with The Loan Fund is that they do an excellent job of not only lending but also providing technical assistance and building relationships that is very valuable in supporting business owners and helping them succeed,” said Russell Cummins, NMSBIC Executive Director and Investment Advisor. “The Loan Fund has a very good and long track record of seeing these loans successfully repaid.”
The NMSBIC has been providing funding to The Loan Fund since 2004. This funding has made it possible for The Loan Fund to provide over $90 million in loans to small businesses in New Mexico.
“We’re not competitors to the banks. What we are doing is trying to solve poverty in New Mexico by investing in people,” said F. Leroy Pacheco, Loan Fund CEO and President. “The more we invest in people and people doing well, they will contribute to the economy and hire more people, further helping the economy of New Mexico.”
To learn more about the NMSBIC, go to www.nmsbic.org