SANTA FE — Gov. Michelle Lujan Grisham on Tuesday announced the introduction of Senate Bill 10, which would double the funding for the Small Business Investment Corporation, a targeted approach at boosting investment in New Mexico small businesses.

Senate Bill 10, sponsored by Sen. Carlos Cisneros, would increase the funding for the SBIC from 1 percent of the Severance Tax Permanent Fund to 2 percent. This amendment would deliver roughly $50 million in additional money to the SBIC, which since 2000 has supported small businesses throughout New Mexico through loans to finance business expansion and job creation. SBIC makes money for the Severance Tax Permanent Fund through interest on the loans that its partners originate.

With this additional funding, the SBIC would establish new lending partner relationships and expand existing lending partner relationships with community development financial institutions that provide loans to new and growing small businesses not served by traditional banks, particularly in underserved communities.

“We need to invest in our small businesses,” Gov. Lujan Grisham said, “as their success in anchoring their communities is an essential component of jump-starting the New Mexico economy.”

“There’s no question this additional funding would deliver for the hard-working businessowners in our communities,” said Sen. Cisneros. “Small businesses, as we all know, are the backbone of our economy, and we can provide sustainable, difference-making investments.”