Rules committee advances Christina Alley reappointment to Small Business Investment Corporation

The Senate Rules Committee voted to advance the reappointment of Christina Alley to the New Mexico Small Business Investment Corporation to the full Senate after a round of introductions, supporter testimony and questions from committee members.

Sen. Leader Worth, who sponsored Alley’s reappointment, told the panel Alley first was appointed on Dec. 15, 2023 and reappointed on March 15, 2024, and said she “can really give the Committee a good sense of what's happening at the Small Business Investment Corporation.”

The SBIC makes loans intended to help new and growing small businesses that fall between traditional bank lending and federal Small Business Administration programs. Russell Cummins, SBIC executive director and investment adviser, said Alley’s combination of small‑business experience and financial planning training has been useful on the board. “She has been a tremendous addition to our board, and I strongly recommend you vote yes to confirm her,” Cummins said.

Alley told the committee she is a native New Mexican who owns a business in Santa Fe. In summarizing her background, she said she has provided wealth management services for more than 25 years, co‑founded Santa Fe Advisors in 2014 and previously worked at First Santa Fe Advisors and with U.S. Trust in New York. Alley described financial education and partnerships with community development financial institutions as central to SBIC work.

Committee members asked about how SBIC funds are used and whether federal funding affects SBIC operations. Alley said her understanding is the SBIC money is state funded; Cummins clarified that the SBIC itself does not receive direct federal funds but partners with CDFIs that lend directly to small businesses. Senators also questioned loan sizes, geographic reach and the corporation’s role in serving rural and tribal communities; Alley and Cummins said loan sizes vary by CDFI (an average loan size cited in committee materials was roughly $333,000, and the SBIC can support larger loans, including multi‑million dollar loans for charter schools) and that the SBIC tracks geographic and demographic diversity of borrowers.

Sen. Stewart moved to approve the nomination and send it to the full Senate. The committee then took a roll‑call vote that produced nine yes votes and one excused member; senators recorded on the roll call as voting yes included Bergman, Block, Brantley, Gallegos, Stefanik, Stewart, Townsend, Jaramillo and Duhigg. The committee clerk announced the nomination will proceed to the Senate floor for final confirmation.

The SBIC was created in 2001 and is funded in part by a share of the severance tax permanent fund; Cummins told the committee the corporation had about $157 million in total assets as of June 30, and that its mission is to fill lending gaps for small businesses across New Mexico.

Committee members and Alley noted the work is voluntary and thanked her for her willingness to serve.