SANTA FE, N.M. (KRQE) – The New Mexico Finance Authority reports that 6,642 small businesses in the state will be receiving grants from NMFA using all of the $100 million in funds from the Small Business CARES Relief Grants. The New Mexico Legislature authorized the Small Business CARES Relief Grants in November during the Special Session.
According to NMFA, the $100 million funds originated from the federal CARES Act stimulus and is part of a larger $319 million aid package for the state. The grants will be used to provide support to businesses and industries in New Mexico that are facing severe economic impact as a result of the pandemic.
During the application period from December 7 through December 18, NMFA received 14,125 grant applications totaling $156 million in requests. NMFA states that it provided 60% of the grants to businesses in urban and 40% in rural areas of New Mexico.
Businesses that are receiving grants include restaurants, hotels, non-profit organizations, retail stores, manufacturing companies, accountants and others in both large and small communities throughout the state. According to NMFA, the grants ranged from $2,000 to $50,000 with an average grant of $15,000.
New Mexico small businesses that had 100 or fewer employees and were experiencing financial hardship were eligible to apply. NMFA states that it received applications in three funding rounds and priorities were based on the severity of the business’s economic hardship that was caused by the pandemic. Additionally, special consideration was given to industries that have been severely affected by the public health emergency including restaurants, hotels, and other tourism and hospitality-related businesses.
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