The New Mexico Small Business Investment Corp. announced on Tuesday that it would distribute $25 million to support small business development across the state.
The announcement – and the allocation of funds – is being made in partnership with RBC Global Asset Management, a Toronto-based capital management firm. The funds will target entrepreneurs in underserved communities across the state to help create loans, spur economic development and narrow wealth gaps in areas of the state where business has been disrupted by the COVID pandemic, according to A press release.
“Small businesses are the backbone of the state’s economy, and this investment will help create new employment opportunities in small, rural and underserved communities in New Mexico,” said the President and President. of the NMSBIC, Joseph Badal, in a press release. “Most new jobs in the state are generated by small businesses, and small businesses represent the majority of business enterprises in New Mexico.”
The partnership between NMSBIC and RBG Global Asset Management will see the latter “source of loans” for small businesses that have a primary location and a majority of employees working in the state, according to the press release. Corporate loans will be held in a separate account managed by RBG Global Asset Management.
NMSBIC was founded in 2001 after the passage of the New Mexico Small Business Investment Act. The organization focuses on providing equity and debt capital to small businesses through its loan and equity programs.
The NMSBIC can be reached at 505-274-7789.
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