Rawson: We've Got an Agency That's Running Loose

Lee Rawson

Capitol Report New Mexico - A month ago, we wrote about the New Mexico Small Business Corporation (NMSBIC), which has absorbed some $9 million in losses and asked in a headline: “Is this a big deal?” Apparently it’s a big enough deal for the entity that funds the NMSBIC to pass a series of recommendations aimed at changing how the agency is run. Some background: The NMSBIC was created 10 years ago by the state legislature as a way to encourage and grow small and start-up businesses across the state. It’s funded by the State Investment Council (SIC), which is mandated to send 1 percent of the state’s Severance Tax Permanent Fund the NMSBIC’s way. One percent may not seem like much but when you consider that the Severance Tax Permanent Fund is currently worth $3.9 billion — well, we’re talking about some real money here. So what’s the problem? Read full story here: News New Mexico

Rawson: We've Got an Agency That's Running Loose