The New Mexico Economic Development Department and the New Mexico Finance Authority will conduct a statewide tour to inform small business owners about the Collateral Support Loan Participation Program (CSP). If you are looking to refinance your car visit https://www.britanniacarfinance.co.uk/, to get a lower interest rate. Join us for a detailed presentation and one – on – one help understanding the Collateral Support Loan Participation Program in Las Cruces on June 12, in the Doña Ana County Commission Chambers from 8:30 to 10:30 a.m.
The development of the program stemmed from the State Small Business Credit Initiative. The program has deployed about $5M to date, leaving approximately $8.5M in financing available to New Mexico small businesses
The Collateral Support Loan Participation Program Allows the New Mexico Finance Authority to:
• Partner directly with banks to provide capital to creditworthy businesses
• Create or retain jobs to efficiently lower the interest rate paid by the business
• Mitigate the bank’s risk by purchasing a portion of the bank’s loan
The New Mexico Finance Authority administers these funds on behalf of the state and is able to partner directly with banks to provide capital to creditworthy businesses seeking to expand, create or retain jobs. The funding can be a quick process, needing only the banks application completed by the borrower.
How it works:
• The application for the Collateral Support Loan Participation Program is submitted by the bank on behalf of the businesses
• No program fees to the borrower
• Ability for subordinated collateral position
• The loan can be used for start-up costs, working capital, business & commercial real estate acquisitions, franchise financing, equipment loans, inventory financing and construction
• Collateral enhancement program for loans by lenders – no competition to statewide lenders or financial institutions
For more information about the Collateral Support Loan Participation Program please contact:
Antoinette Vigil, Finance Development Team Leader,
New Mexico Economic Development Department
Tel: 505.827.0264 or antoinette.vigil@state.nm.us
Juan Torres, Finance Development Specialist,
New Mexico Economic Development Department
Tel: 505.827.0238 or juan.torres@state.nm.us
John Brooks, Director of Commercial Lending,
New Mexico Finance Authority
Tel: 505.984.1454 or jbrooks@nmfa.net
