It might not be the million-dollar race that the 2010 gubernatorial contest has become, but the New Mexico lieutenant governor's race won't come cheap, either.

Of the nine announced contenders for the No. 2 executive post, at least four made personal loans to their campaigns, according to reports filed Tuesday.

Topping the fundraising list for the period between early May and early October was former Democratic Party chairman Brian Colón, who raised $264,203 in cash with no loans and $2,700 in contributions from himself and his wife.

His two closest competitors in fundraising — state Rep. Jose Campos and Mid-Region Council of Governments director Lawrence Rael — reported $148,368 and $127,885 respectively. Both reported personal loans, including Campos and his wife, who borrowed $100,000 for the campaign.

The Republican who raised the most cash was former state Rep. Brian Moore, who reported $4,500 in contributions.

The amounts raised by Colón, Campos and Rael could end up being a good chunk of what the current contestants for the job might be able to raise, said Albuquerque pollster Brian Sanderoff.

"Given the fact that it's rarely been a stepping stone to something else and that it's not seen as that powerful of a position, they are going to have a hard time raising more than a half-million dollars," Sanderoff said.

He also said the field of candidates likely isn't complete and, others who may enter the race might change the fundraising dynamics.

Announced gubernatorial candidates include Lt. Gov. Diane Denish, a Democrat, and Republicans Allen Weh, Janice Arnold-Jones, Doug Turner and Susana Martinez.

The primary election will be held in June.

Here's a look at the declared candidates and what they reported Tuesday that they had raised:

Democrats

• Colón reported raising $264,203 and spending $13,153. He had $12,831 in in-kind contributions and had $251,049 in the bank.
• Campos reported raising $148,368, including the loans. He spent $18,615 for the period and had $129,753 on hand.
• Rael raised $127,885, including a $15,000 loan from himself. He reported $19,508 in in-kind contributions and spent $22,601, leaving $105,283 in the bank.
• Sen. Jerry Ortiz y Pino raised $22,032, including a $3,700 loan to himself. He had $3,585 in in-kind contributions and spent $10,621, leaving him about $11,410 in the bank.
• Santa Fe County Sheriff Greg Solano raised $11,865 and spent $7,192, leaving $4,672 in the bank. He had no loans.
• A report for Sen. Linda Lopez wasn't listed Tuesday night on the Secretary of State's Web site and she didn't return a call seeking comment.

Republicans

• Moore, of Clayton, raised $4,500 and has spent about $500, he said.
• J.R. Damron, a Santa Fe radiologist, raised $3,500, including a $500 contribution from himself and a $3,000 loan to himself. He has spent about $1,078, leaving him $2,422 in the bank.
• report for Bea Sheridan, an Albuquerque registered nurse, wasn't listed Tuesday night on the Secretary of State's Web site, and she didn't return a call seeking comment.

Contact Kate Nash at 986-3036 or knash@sfnewmexican.com. Read her blog at www.greenchilechatter.com.