Credit Union Association of New Mexico
Endorses a Public Bank for New Mexico
Ballooning New Mexico|@Yancy|Flickr
How Can a State Public Bank
Support Our Communities?
Researcher and interns of Sandia Labs at Pueblo of Acoma discuss photovoltaic solar panel. Photo courtesy Sandia Labs via Wikimedia Commons.
Working together let’s establish a Public Bank for New Mexico, to finance the bold changes it will take for our communities to overcome today’s obstacles and seize tomorrow’s opportunities.
The Alliance for Local Economic Prosperity (AFLEP) is a nonprofit, grassroots think tank advocating for a state public bank. New Mexico’s revenue (taxes and fees) is now largely invested in global banks outside the state, missing opportunities to invest in the economic needs of New Mexico communities. Learn more:
The Challenge Grant
Two donors are offering you an opportunity to invest that doubles your impact and truly helps a socially responsible initiative. Between now and December 31st, 2022, every dollar donated will be matched up to $25,000. This means every dollar donated is doubled in value. We invite you to be part of the change!
Donations Doubled up to $25,000!
Your donations will be invested in where we’re going in 2023. With your investment, AFLEP can start 2023 with the financial resources to initiate and implement the final phase of this much-needed endeavor. Please take advantage of this opportunity to double your investment in New Mexico’s future!
Watch our new video about one incredible farm cooperative in Central New Mexico, which provides food, trains farmers, and incubates businesses, talk to us about the financing challenges faced by farmers and small businesses. A Public Bank in New Mexico could be a vital resource to invest in local food production, job creation, and a stronger local economy.
Endorse a Public Bank for New Mexico
Endorse a public bank so public officials and friends know you support public banking and why.
Allied Organizations that support what a State Public Bank can do for our economy
By Pam Martens and Russ Martens for Wall Street On Parade | January 19, 2023 On Tuesday, Jerome Powell’s Federal Reserve once again thumbed its nose at President Biden’s antitrust directive regarding the creation of more mega banks through merger. This time...
By Michael Finnegan for Los Angeles Times | January 12, 2023 City National Bank has agreed to pay $31 million to settle a U.S. Justice Department lawsuit alleging racial bias in its home mortgage lending in Los Angeles County. The government’s complaint,...
By Tony Pipa, senior fellow at the Center for Sustainable Development at the Brookings Institution. Opinion in New York Times | December 27, 2022 (Emphasis by AFLEP) In what has become a postelection tradition, there has been no shortage of analysis the past several...
New Mexico News
Partnership Delivers More Than Financing The Life Link in Santa Fe rents and owns multiple buildings where it delivers a multitude of services. When management wanted to create synergy around some of those services by housing them under one roof, the nonprofit...
New Mexico Economic Development Department (EDD) Cabinet Secretary Alicia J. Keyes announced Monday that the state has been awarded a $250,000 STEP grant from the U.S. Small Business Administration to help small businesses cultivate the global marketplace. The State...
Bob Mang, Re-Genesis Inc, Co-Founder (Retired) and AFLEP Board member, talks about rural economic development and how business guilds can regenerate communities.
- North Dakota had the lowest unemployment rate in the nation during the 2007-08 recession. Current Sept 2022 rates: North Dakota, 2.3%; U.S., 3.7%; New Mexico, 4.5%.
- Bank of North Dakota (BND) has added to the state’s annual operating budget $300+ million over the past 10 years.
- North Dakota community banks are thriving because of their partnerships with BND: 10 community banks per 100,000 population, the highest in the U.S.
- BND originated or renewed 15,696 loans to state businesses, projects and students, totaling $1.33 billion in 2019. The total loan portfolio is $4.5 billion.
- BND works actively to create successful new businesses to reduce the state’s dependence on oil and gas.
- Founded in 1919 with $2 million in capital, BND reported assets of $7.0 billion at the end of 2019.
- BND responded to the COVID-19 crisis with confidence in 2020, filling the gaps that federal programs didn’t support and seeing a 15% Return on Investment (ROI).
Detailed Comparison of New Mexico and North Dakota
BND’s 2020 Economic Development Report: Creating Financial Solutions for Current and Emerging Economic Needs
BND 2020 Annual Report: Responding with Confidence