ACCION New Mexico Receives $1.2 Million Investment from First Community Bank
First Community Bank Finalizes Investment in ACCION LLC
ACCION New Mexico 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 this month by First Community Bank and ACCION New Mexico finalizes the bank’s move as the first investor in a new for-profit Limited Liability Company (LLC) owned by ACCION and its bank investors. The LLC marks a bold step by the ACCION New Mexico Board of Directors in raising needed lending capital for the small business lender.
The LLC will help ACCION New Mexico increase its pool of loan portfolio capital by providing bank partners the option of providing those funds through investment in the LLC. Banks can also continue to provide lending capital support through contributions and loans to ACCION’s main 501(c)(3) entity.
“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.”
"This outstanding investment at 0% interest 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.
ACCION New Mexico
Vice President of Advancement
(505) 243-8844 ext. 230
(505) 573-1180 (cell)