Millions still up for grabs in grant money for NM businesses

Business

NEW MEXICO (KRQE) – Millions of dollars are still up for grabs for New Mexico businesses. The state is offering businesses grant money to help recover from the pandemic. Each business can get up to $100,000 for fixed costs like rent and lease payments as they work to hire back staff.

“We’re eager to get people in the door and starting their applications because that means we’ll be able to disperse funds sooner,” said Marquita Russel, CEO of the New Mexico Finance Authority.

The application process opened on May 11. To date, about 1,700 applications have been started. About a quarter of those applications have been completed. Russel said based on the submitted applications so far, businesses are averaging about $45,000 in award money each.

“At the pace at which the applications are coming in and completed unless there is a large spike, right now we should have enough to cover all the applications,” Russel said. Once the deadline hits, award money will be prioritized based on businesses’ decline in revenue from 2019 to 2020.

One hundred million of grant money is being allocated to urban areas like Albuquerque, Santa Fe, Las Cruces, Rio Rancho, and the immediate surrounding areas. Another $50 million is being reserved for businesses in urban areas. Eligibility requirements for businesses and non-profits include:

  • Must be operating in New Mexico
  • Must have at least one but fewer than 75 full-time or part-time employees employed at any of the business’s locations
  • A business that is current on all state and local tax obligations, and
  • A business that experienced a decline in business revenue between comparable quarters in taxable years 2019 and 2020

Businesses have until 12 p.m. on June 15, 2021, to apply. Money could be awarded as soon as July. If there is any leftover funding after this application period, the New Mexico Finance Authority said it will consider opening a second application period with the smaller pool of money. For more information or to apply, nmfinance.com/leda-recovery-grants.

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