Credit Unions Support State Small Business Lending Proposal

Albuquerque, New Mexico, June 17, 2020 – New Mexico’s credit unions are ready to help if the legislature passes a new low-interest loan program during its special session.

The Credit Union Association of New Mexico supports Gov. Michelle Lujan Grisham’s effort to ask the New Mexico Legislature to approve a proposal to direct the State Investment Officer to invest a portion of the state’s multibillion-dollar Severance Tax Permanent Fund to support loans to small business and municipalities during the 2020 Special Session, which is set to begin at noon on Thursday, June 18. The proposal calls for low-interest long-term loans to help municipalities meet budget shortfalls and help small businesses with post-COVID-19 expenses.

“Now is the time for New Mexico to bring all necessary resources to bear to get struggling businesses back on their feet. These small businesses, hit hard by the pandemic, need help,” said Paul B. Stull, President, and CEO of CUANM. “The special legislative session will address this need with a program to invest in small businesses, designed specifically to create and preserve jobs, which will keep our economy growing at a very difficult time.”

CUANM strongly supports aid for our communites and employers. New Mexico’s recovery will depend on jobs, and these funds will help put New Mexicans to work.

Credit unions in New Mexico have processed millions in federal Payment Protection Program loans and have worked closely with the SBA to distribute capital to small businesses across the state. If more funding was made available, credit unions could make more loans that would help the state’s small businesses recover.

“CUANM believes that this type of investment is critical to our state’s economic recovery,” Stull said.

The initiative is sponsored by Sen. Jacob Candelaria (D-Bernalillo), Sen. John Sapien (D-Bernalillo), Rep. Daymon Ely (D-Bernalillo), and Rep. Marian Matthews (D-Bernalillo).

About Us: The Credit Union Association of New Mexico supports the state’s credit unions with training, advocacy, and education.