Udall: 5 NM Financial Institutions Get $2M+ to Help Struggling Communities

Senator Tom Udall (D-NM) today announced that five New Mexico financial institutions serving struggling communities have received a total of $2.08 million to support small businesses and spur local economic growth by expanding access to capital and affordable financial services.

The awards were distributed by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund, which invests and builds the capacity of existing private, for-profit and non-profit community-based lending organizations that serve rural and urban low-income people and communities that lack adequate access to affordable financial products and services. A little goes a long way with the kind of small loans made by the financial institutions in the state that are on the receiving end of this funding.

“These funds will provide critical assistance to entrepreneurs and small businesses that are on the front lines as we continue rebuilding our economy and creating good jobs for New Mexicans,” Udall said in a statement released today. “This is even more important in rural areas and other underserved communities, where access to capital is hard to come by, making economic recovery that much more of a challenge.”

The New Mexico financial institutions receiving awards are:

• $90,800 – ACCION New Mexico, Albuquerque. ACCION is a certified CDFI established in 1994 that provides small business and microenterprise loans and lines of credit, as well as development services in New Mexico, Arizona and Colorado.

• $400,000 – Everyone’s Federal Credit Union, Tucumari. The credit union is a certified CDFI established in 1954 that provides various consumer and lending products to three rural counties in New Mexico.

• $750,000 – , Santa Fe. Homewise is a certified CDFI established in 1986 that provides financial products and services for home purchases and home improvements in targeted markets in New Mexico.

• $750,000 – New Mexico Community Development Loan Fund, Albuquerque. The fund is a certified CDFI established in 1989 that provides financing and development services for micro and small businesses and affordable housing.

• $97,898 – Tierra del Sol Housing Corporation, Anthony. Tierra del Sol is an emerging CDFI established in 1973 that provides first and second mortgages, gap financing, home improvement loans, and microenterprise and small business loans to targeted populations in New Mexico and El Paso County, Texas.