From Capitol Report New Mexico.com - On this site, we’ve written how Santa Fe should be a little bit more like Bismarck. Huh? While Santa Fe is the capital of New Mexico, Bismarck in the capital of North Dakota, the state that’s navigated itself through the economic downturn better than any other. In fact, North Dakota has the country’s lowest unemployment rate and in 2010 had an actual budget surplus of $700 million. Now, one of the members of Roundhouse’s Democratic contingent is calling for establishing a state development bank here in New Mexico — just like they have in North Dakota. Rep. Brian Egolf (D-Santa Fe) says creating a “New Mexico State Bank” to help out small businesses will be ”a win-win-win” for small businesses, local banks and the state’s bottom line. “It won’t cost the state a penny,” Egolf says, “and we’re going to make money on this from start to finish.” Here’s how it would work:The State Investment Council (SIC) has one of the largest permanent funds of any state in the country. At last calcuation, the balance is roughly $14 billion. Egolf wants to see $100 million of the permanent fund set aside to create a state development bank aimed at helping small business owners complete loan agreements so they can expand their businesseses. Read more
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