NMSBIC names president and board chairman

Joshua Smith was elected president and board chairman of the New Mexico Small Business Investment Corporation.

Gov. Michelle appointed Smith to the board in January 2022. He has 23 years experience in banking and finance and is the New Mexico Commericial Division manager and senior vice president for WaFd Bank. He has overseen an 80% increase in WaFd Bank New Mexico’s commercial loan portfolio.

He will replace Joseph Badal, who has served on the NMSBIC board since 2011.

The NMSBIC was created in 2001 to create new job opportunities and to support small businesses throughout the state. It is funded by an allocation from the Severance Tax Permanent Fund and manages more than $120 million in capital.

Since its inception, the NMSBIC has supported 24,408 jobs in New Mexico with more than 7,000 loans.