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 not prntd-SFC  DNP-CS/w/o rec - ref SFC-SFC- DP  PASSED/S (41-0)  HAFC-HAFC- DP/a  PASSED/H (66-0)  s/cncrd SGND BY GOV (Apr. 7) Ch.126.
Position: Support Priority: High
ICBA/NM supports CS/SB440 as it amends the Statewide Economic Development Finance Act (SWEDFA) making the act broader in implementing financing programs fueled by federal dollars. Under terms of the 2010 SWEDFA legislation the Economic Development Department was named as the state's recipient of State Small Business Credit Initiative (SSBCI) funds from the federal government. The only financing assistance the act allowed was a loan participation program administered by the NMFA. Specifically, passage of the bill will enable the state to be in a position to take advantage of new federal dollars made available by the Congress in a new stimulus package by naming the NMFA as the recipient of the funds and further giving authority to the NMFA to develop a "Capital Access" program. This program could provide matching funds to local banks for creating loan loss reserves necessary for increasing small business lending.