KFDA - NewsChannel 10 / Amarillo News, Weather, SportsNew Mexico receives $13.8 million for stimulus efforts

New Mexico receives $13.8 million for stimulus efforts

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The U.S. Department of Treasury awarded the state of New Mexico access to $13.8 million in federal funding that is projected to generate ten times that amount in state revenue.

The Department approved New Mexico's Small Business Credit Initiative application, which allows the state to use federal funds to bolster small business growth.

New Mexico expects to be able to provide a total of $138 million dollars to small businesses in the state.

The Small Business Credit Initiative (SSBCI) is a $1.5 billion dollar federal program created by the Small Business Jobs Act of 2010, and seeks to encourage private lending by supporting state programs that support loans to small businesses.

by Jeff Stebbins

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