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Lead investors up their ante in NMCC
Clay HoltzmanThe two lead investors in the state's first community development venture capital fund have upped their commitments to the fund, which principals say they hope will eventually close at $10 million.
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Wells Fargo Bank (NYSE: WFC) has increased it commitment to New Mexico Community Capital (NMCC) by 50 percent, to $750,000. And the New Mexico Small Business Investment Corp. (NMSBIC) has agreed to match, dollar-for-dollar, all investment commitments that are made between now and when the fund closes at $10 million.
The NMSBIC, a board tasked with making state dollars available to investment funds that provide capital deficient areas, earlier agreed to invest $5 million in the fund. That commitment was made on the basis that the fund could raise the additional $2.5 million on its own to reach the first targeted close.
NMCC announced in May its first close at more than $7.5 million. NMCC has not yet made any investments.
The fund's strategy is to work closely with portfolio companies, which can include a wide range of industries like service, manufacturing or retail, and help entrepreneurs develop business plans and provide managerial support.
NMCC strives to not only produce financial returns, but also a social benefit of creating jobs, educating entrepreneurs and adding to economic development.
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