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In 2011, New Mexico was authorized to receive $13.1 million from the United States Treasury Department as part of the State Small Business Credit Initiative — a product of the Small Business Jobs Act of 2010.
The funds are channeled to the Collateral Support Participation program administered by the New Mexico Finance Authority in collaboration with the New Mexico Economic Development Department. The program helps creditworthy small businesses leverage private lending when they can’t obtain the capital required to expand and create jobs.
The program is designed to lower the loan’s overall interest rate and make the terms easier for the business. Except for collateral, the loan must otherwise meet the bank’s lending criteria.
The “participation” aspect of the Collateral Support Participation program allows a bank to transfer some of its risk to the NMFA, which purchases part of the loan. This is similar to how the Small Business Administration and the U.S. Department of Agriculture administer loans.
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