Deputy Treasury Secretary Sarah Bloom Raskin
WASHINGTON, D.C. – The U.S. Treasury Department today announced that New Mexico has received $4,477,239 in State Small Business Credit Initiative (SSBCI) funds to help small businesses access the capital they need to grow and create jobs.
To date, $13,168,350 in SSBCI funds have been disbursed to the New Mexico Economic Development Department and the New Mexico Finance Authority to support businesses and the local economy.
“Small businesses are the engines of our nation’s economy, and they need access to capital in order to expand their businesses and create opportunities for growth in local communities,” Deputy Treasury Secretary Sarah Bloom Raskin said. “Through the State Small Business Credit Initiative, the U.S. Treasury Department, the State of New Mexico, and private sector lenders are providing New Mexico’s small business owners with access to the resources they need to create jobs.”
One of the main goals of SSBCI is to foster job creation throughout the country, and in the SSBCI 2013 Annual Report, participating states have reported that more than 95,000 jobs will be created or saved due to SSBCI-supported loans and investments. Through SSBCI, the U.S. Treasury Department will award up to $1.5 billion to fund state programs across the country that support small businesses including small manufacturers. SSBCI funding is not repaid by participating states to the federal government. Instead, to help even more small businesses, repaid loans and investments remain with participating states to be redeployed locally.
According to the most recent SSBCI Quarterly Report, participating states have reported recycling more than $32.1 million. The program is designed to help spur new private sector lending or investment in small companies by leveraging private capital along with the federal support offered by the program.
SSBCI was created when President Obama signed into law the Small Business Jobs Act of 2010 on September 27, 2010. To build on the momentum of the program’s success and capitalize on new working relationships among states and small business lenders and investors, President Obama proposed an extension of SSBCI in his 2015 Budget with an additional $1.5 billion in funding.
For more information on SSBCI and Treasury’s other small business programs, visit www.treasury.gov/smallbusiness. For more information on New Mexico’s SSBCI Program, visit www.nmfa.net and www.gonm.biz.