SBIC $9 Million in the Red

Capitol Report New Mexico - Chances are you’ve never heard of the New Mexico Small Business Investment Corporation (SBIC). But back in 2001, the state legislature OK’d a plan that sends 1 percent of the Severance Tax Permanent Fund per year to the SBIC so that it can help small business create jobs in New Mexico, through micro-lending and equity programs for start-ups and Mom and Pop operations. Now 1 percent doesn’t sound like a whole lot but when you consider that the severance tax fund is run by the State Investment Council, which manages some $15 billion in assets, well, suddenly that 1 percent is not so measly. Read full story here: News New Mexico

SBIC $9 Million in the Red