Small Business Investment Corporation
- Assets
- $156.9m
- Revenue
- $31.0m
- Investments
- $7.5m
- Employees
- 0
- Location
- Tijeras, NM
- Founding
- 11/2002
- Data as of
- 06/2024
- EIN
- 85-0482958
Organization Overview
Small Business Investment Corporation, operating under the name Nm Small Business Invest Corp, is located in Tijeras, NM. The organization was established in 2002. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. NM Small Business Invest Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2024, NM Small Business Invest Corp generated $31.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $482.7k during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE DEBT OR EQUITY INVESTMENTS TO SUPPORT NEW OR EXPANDING BUSINESSES IN THE STATE OF NEW MEXICO
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S LENDING PROGRAM IS ITS PRIMARY PROGRAM. THE LENDING PROGRAM PROVIDES FUNDING, THROUGH LENDING PARTNERS, TO SMALL BUSINESSES IN NEW MEXICO THAT DO NOT HAVE ACCESS TO FUNDING FROM TRADITIONAL BANKS. DURING THE TWELVE MONTHS ENDED JUNE 30, 2024, THE NMSBIC PROVIDED FUNDS FOR 120 SMALL BUSINESS LOANS TOTALING 34.1 MILLION AND SUPPORTING 588 JOBS IN NEW MEXICO. THE TOTAL LOANS OUTSTANDING INCREASED FROM 72.6 MILLION TO 97.2 MILLION.
THE ORGANIZATION ALSO HAS AN EQUITY PROGRAM THAT HISTORICALLY MADE INVESTMENTS IN VENTURE CAPITAL EQUITY FUNDS. NO NEW EQUITY INVESTMENT COMMITMENTS HAVE BEEN MADE IN RECENT YEARS, BUT THERE ARE OUTSTANDING INVESTMENTS FROM PRIOR YEARS. TOTAL EQUITY INVESTMENTS OUTSTANDING WERE 2.2 MILLION AS OF JUNE 30, 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph H Badal Director To | Trustee | 3 | $0 |
Alan Fowler Director To | Trustee | 3 | $0 |
Steven Morgan Director To | Trustee | 3 | $0 |
Sayuri Yamada Director | Trustee | 3 | $0 |
Joshua Grassham Director | Trustee | 3 | $0 |
Kristina Alley Director | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $29,820,959 |
| Investment income | $1,156,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,977,738 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $241,262 |
| Compensation of current officers, directors, key employees. | $80,421 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,656 |
| Fees for services: Accounting | $53,504 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,267 |
| Fees for services: Other | $6,650 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,909 |
| Travel | $411 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,330 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,326 |
| All other expenses | $2,457 |
| Total functional expenses | $482,662 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,793 |
| Savings and temporary cash investments | $38,865,348 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $349,471 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,651 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,506,250 |
| Investments—program-related | $110,183,167 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $156,937,680 |
| Accounts payable and accrued expenses | $27,148 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,503,110 |
| Total liabilities | $4,530,258 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $152,407,422 |
| Total liabilities and net assets/fund balances | $156,937,680 |