Lujan Highlights $4.4 Million to Help New Mexico Small Businesses Grow

Press Release

Congressman Ben Ray Luján of New Mexico's Third District highlighted federal funding from the U.S. Treasury Department today that will support small businesses by increasing access to capital. More than $4.4 million is going to the New Mexico Economic Development Department and the New Mexico Finance Authority through the State Small Business Credit Initiative (SSBCI). With the latest announcement, New Mexico has received a total of $13,168,350 through SSBCI.

"Access to credit is critical to the small businesses that drive our economy, and these federal funds will contribute to our efforts to promote economic growth and create good jobs in our communities," Congressman Luján said. "By allowing states that receive these funds to continually reinvest them in the small business community, SSBCI's impact will be multiplied over time."

States that have received SSBCI funds have reported that more than 95,000 jobs will be created or saved due to SSBCI-supported loans and investments. SSBCI funding is not repaid by participating states to the federal government, and instead helps even more small businesses by allowing states to use repaid loans and investments to fund further economic development through additional loans.

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