NM Small Business Agency Has Lost $9M

From capitolreportnewmexico.com -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. On Tuesday (April 26), representatives of the SBIC appeared before the board of the State Investment Council (SIC) — including Gov. Susana Martinez – and a pointed conversation ensued in which some SIC members questioned the very nature of the SBIC’s relationship with the SIC while the SBIC’s chief financial advisor vigorously defended the agency.  More News New Mexico

NM Small Business Agency Has Lost $9M