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ACCION New Mexico • Arizona • Colorado has officially received a first-of-its-kind $1.2 million investment from First Community Bank that will help the nonprofit small business lender raise more money to support emerging entrepreneurs.
The agreement signed by First Community Bank and ACCION New Mexico • Arizona • Colorado finalizes the bank’s move as the first investor in a new for-profit Limited Liability Company (LLC) owned by ACCION and its investors. The LLC marks a bold step by the ACCION Board of Directors in raising needed lending capital for the small business lender.
The LLC will help ACCION increase its pool of loan portfolio capital by providing investors the option of providing those funds through investment in the LLC. Investors can also continue to provide lending capital support through contributions and loans to ACCION’s main 501(c)(3) entity.
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