SANTA FE, N.M. (AP) — New Mexico Gov. Susana Martinez says a new program approved by the State Investment Council will give startup companies the capital they need to bring new innovations and ideas to the market.
Martinez and the rest of the council voted Tuesday to approve the program. She says it will be another tool New Mexico can use as it works to diversify its economy.
Under the program, a fund will be established using a combination of state, federal and private money. It will be used for small investments in for-profit micro funds around the state that provide seed money for startups.
The fund will be made up of $10 million from the state's Severance Tax Permanent Fund. Another $5 million each would come from the U.S. Treasury Department and private investors.