Governor signs bill to increase small business loans | KOB 4

Governor signs bill to increase small business loans

Kai Porter
March 13, 2019 05:11 PM

SANTA FE, N.M.- Small businesses will be getting a big boost.


Gov. Michelle Lujan Grisham signed a bill Wednesday that will double the amount of state money that is available for small business loans.

Senate Bill 10 raises the amount of money available for small business loans from $50 million to $100 million.    

The money will come from the Severance Tax Permanent Fund and will be distributed by the state’s Small Business Investment Corporation.

The governor said it will boost the economy by helping small business grow and hire more people.

Sandy Bosben, who owns an organic pet food store in Santa Fe received a loan through the program.

“I think that it could help so many local New Mexico businesses,” Bosben said. “The fact that this bill is passing and getting notoriety, I think, can really help people know that it exists. I didn’t even know that something like this existed, so I think this is, on a lot of levels, going to help a lot of people that have some great ideas.”


Kai Porter

Copyright 2019 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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