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New Mexico Small Business Investment Corporation
The New Mexico Small Business Investment Corporation was established by the State Legislature in 2000. It invests in local companies, providing equity or debt...
New Mexico Small Business Investment Corporation
The New Mexico Small Business Investment Corporation was established by the State Legislature in 2000. It invests in local companies, providing equity or debt capital for expansion. Funded by the New Mexico Severance Tax Permanent Fund, the corporation focuses on agribusiness investments.
General information
Firm type
Government / Public Body
Year founded
2001
Location
Region
North America
Country
United States
City
Tijeras
Corporate office
Tijeras, NM, United States
Principals
Joshua Smith
Board Chair and President
Laura M. Montoya
New Mexico State Treasurer; Board Member
Sector focus
Frequently asked questions
How does NMSBIC deploy capital to small businesses?
NMSBIC functions as a wholesale lender rather than making direct loans. It extends lines of credit to a network of New Mexico-based community development financial institutions and nonprofit lenders, including DreamSpring, The Loan Fund, and WESST. Those partner organizations then originate and service loans to individual small businesses, startups, and real estate owner-occupants.
Who governs the New Mexico Small Business Investment Corporation?
A board of directors provides oversight, combining private-sector financial expertise with public accountability. Chair Joshua Smith is a senior vice president at WaFd Bank, and the New Mexico State Treasurer serves as an ex officio board member. This hybrid governance structure reflects the corporation's design as a public instrumentality with private-sector operating discipline.
Which lending partners does NMSBIC currently work with?
Confirmed partners include DreamSpring, The Loan Fund, WESST, Ventana Fund, Homewise, LiftFund, the Rural Community Assistance Corporation, and B:Side Fund. Each partner serves a distinct niche — from rural small businesses to affordable housing developers to women-owned enterprises.
Does NMSBIC make direct equity investments in startups?
No. The corporation's mandate is credit facilitation, not venture capital. It provides loan capital to its intermediary partners. While some of those partners may lend to early-stage companies, NMSBIC itself does not take equity positions in private businesses.
How is NMSBIC funded?
The corporation was capitalized by the New Mexico state legislature at its founding in 2001. It sustains operations through interest income earned on its credit lines to lending partners and returns from its SIC Core Plus Bond Pool, a fixed-income portfolio. This self-funding structure reduces reliance on ongoing state appropriations.
What is the SIC Core Plus Bond Pool?
The SIC Core Plus Bond Pool is a fixed-income investment vehicle held alongside the corporation's lending operations. Returns from the bond pool support NMSBIC's overall financial sustainability, creating a buffer that allows the credit program to operate through economic cycles without depending solely on loan repayments or new legislative funding.
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