August 09, 2012

Bingaman & Udall Announce $1.35 Million to Help New Mexico Small Businesses Boost Job Creation

WASHINGTON - U.S. Senators Jeff Bingaman and Tom Udall today announced that ACCION New Mexico has been awarded a $1.35 million federal grant to help it continue to provide low-interest loans to New Mexico small businesses.

The grant was awarded through the U.S. Department of the Treasury's Community Development Financial Institutions Fund and will help ACCION provide microenterprise and small business loans to entrepreneurs in New Mexico, Arizona, and Colorado who might otherwise be overlooked by traditional banks and lenders because of "modest capital needs, lack of business or credit history or limited collateral."

"Starting a business can be challenging, especially during these economic times. Fortunately, organizations like ACCION are making it possible for New Mexicans to get the resources they need to take the first steps to becoming business owners. The funding awarded today is important to ensuring ACCION can continue to help create small businesses and jobs in our state," Bingaman said.

"As a large, rural state, New Mexico greatly relies on the success of its small businesses," said Udall. "Accion has consistently worked with aspiring business owners to develop hard work and vision into a successful small business. This grant will enable Accion to continue providing valuable resources to the emerging small businesses that New Mexico's economy depends on."