Small business owners throughout the state of New Mexico have until June 15 to apply for grant funding from a new program through the New Mexico Economic Development Department, with individual grants maxing out at $100,000.
The Local Economic Development Act Recovery Grants program is designed to help small businesses that have experienced financial hardship as a result of the Covid-19 pandemic.
According to a press release issued by the NMEDD, applications for funding, to be processed by the New Mexico Finance Authority, are “not first-come, first-served, and unlike a loan, a grant does not have to be paid back.”
Altogether, some $200 million in grant funding is currently available through the program. Of that total, up to $100 million is being reserved for urban-centered businesses, with another $50 million to target businesses in rural parts of the state.
In a statement, Governor Michelle Lujan Grisham noted that “Most businesses, including restaurants and other hospitality businesses, and even non-profit organizations, are eligible for this money.”
The Recovery Grants program was launched earlier this year, after winning the approval of the New Mexico State Legislature
Awards in the program are expected to be announced in July.
By Garry Boulard
