SANTA FE, N.M. (KRQE) – New Mexico has launched the Opportunity Enterprise Revolving Fund (OERF), the state’s first-ever loan fund aimed at boosting commercial development and economic growth. The fund, created through House Bill 7 in 2022, is now accepting applications for loans to increase the inventory of business-ready commercial facilities, in the hopes of attracting new businesses and creating jobs.

Governor Michelle Lujan Grisham highlighted the lack of commercial space as a major obstacle to business growth in the state. “I signed this legislation because business owners, agents, and entrepreneurs need pathways to create office and production space designed to make it easier to expand, create jobs, and increase economic opportunities,” she said in a statement.

The first round of OERF funding will use $17.5 million in loans, which accounts for 25% of the total $70 million fund. The application deadline for the initial round is July 31, 2023, with subsequent rounds to follow. Applications will be prioritized based on factors such as community impact, job creation, applicant readiness, location, and industry.

The Opportunity Enterprise Revolving Fund is governed by the Opportunity Enterprise Review Board in partnership with the New Mexico Economic Development Department and the New Mexico Finance Authority.