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DSRM National Bank, Citi Cards/Citi Foundation Become 20/20 Clear Vision Funders

First Community Bank has announced a groundbreaking $1.2 million investment in ACCION New Mexico that will help the nonprofit small business lender raise more money to support the state’s emerging entrepreneurs.

The $1.2 million commitment will be the first investment in a new entity ACCION New Mexico is creating to allow supporting banks and other institutions to make equity investments in ACCION. ACCION's formation of its own limited liability company is a pioneering step for the state’s highest-volume microlender. This subsidiary will help the organization build greater capital reserves and leverage investments to generate more money for loans.

“First Community Bank is proud to be on the leading edge of a concept that will help extend ACCION's ability to provide much needed credit to New Mexico's microbusinesses,” said H. Patrick Dee, the bank’s president and chief operating officer. “As one of the founding members of ACCION, we are extremely pleased to continue to support the program in a way that will further leverage ACCION's efforts and help develop more jobs in this very important segment of our economy.”

The announcement came Friday during the ACCION On The Move Bus Tour. The annual community event brings together business and community leaders and ACCION supporters to meet ACCION clients and visit their businesses. Friday's tour included stops in Albuquerque at Jamco Electric Motor Repair, Service One Auto Body Repair & Paint, Milagro Custom Flooring Solutions and Thai Basil restaurant.

Joe Varro of DSRM National Bank and Jennifer Riordan of Citi Cards/Citigroup Foundation also announced $100,000 in operating support for ACCION New Mexico during Friday’s event. The contributions more than double both institutions’ ACCION support from last year and make them 20/20 Clear Vision Funders. The new $50,000 giving society enables ACCION to provide more financial literacy training, outreach, and loans throughout New Mexico.

"This outstanding support provides a catalytic force that will help us more effectively respond to the strong demand among our state’s emerging small business owners," ACCION New Mexico President and CEO Anne Haines Yatskowitz said.

Contact:
Leslie Hoffman, ACCION communications director
(505) 243-8844 ext. 238
(505) 270-0285 cell