Torres Small Works with Local Community Lenders in Continued Efforts to Fight for New Mexico’s Small Businesses
Las Cruces, N.M. – This week, Rep. Xochitl Torres Small (D-NM) joined Jerry Walker, President and CEO of the Independent Community Bankers Association of New Mexico to meet virtually with small lenders and community banks in Clovis, Deming, Hobbs, Las Cruces, Lordsburg, Roswell, and Silver City who traditionally serve New Mexico’s rural areas and smallest businesses. With the second round of applications for the Small Business Association (SBA)’s Paycheck Protection Program (PPP) underway, lenders provided an update on the process.
“Too many New Mexican small businesses were crowded out of the first round of relief funding by corporations with connections to the largest banks. This is why I fought to have funding dedicated to community lenders, like those I spoke with this week, so that they could continue to serve their small businesses clients across rural New Mexico by providing those businesses the relief loans they urgently needed,” said Torres Small.
“The lenders I spoke with this week know how important it is for us to protect our community’s small businesses, which is why I am committed to staying in regular contact to determine how I can best support them and the small businesses they serve as we continue to deal with impacts of COVID-19.”
This meeting follows Torres Small’s continued work to fight for New Mexico’s working families and efforts to connect small businesses to available federal resources:
- Torres Small fought to secure a dedicated $60 billion within PPP for community banks and small lenders, ensuring access for small businesses that were crowded out by larger corporations with more access and familiarity to the SBA system.
- Hosted two tele-town halls with small businesses across New Mexico following the launch of PPP and EIDL applications.
- Continues to work to further improve the PPP by calling on Leadership to take action on the Department of Treasury’s burdensome requirements on loan forgiveness, particularly the requirement that 75% of the loan be spent on payroll costs.
- Additionally, Torres Small called on U.S. Treasury and SBA to be transparent and release the names of businesses who have received funds and urged Leadership to provide more flexibility for businesses to spend PPP funds.
###