The New Mexico Finance Authority Oversight Committee met on Friday in Clovis and discussed a proposed bill that would allow viable start-up businesses to obtain bank loans backed by state funds.
Rep. Anna Crook, R-Clovis and a member of the oversight committee, said the proposal is an effort to promote economic development in the state.
Crook said the New Mexico Finance Authority can’t lend money to businesses. However, with this bill, the Authority and the state Legislature would promise repayment on the business’ behalf.
Crook said officials are seeking $37 million to start the repayment fund, although ideally the state would never have to spend the money as each business would be able to repay the loan on its own.
Friday’s meeting included discussion of legislative priorities for Clovis, among them a request for $400,000 for a firing range for the Clovis Police Department.