$100M in grants for New Mexico small businesses approved by state

$100M in grants for New Mexico small businesses approved by state

  • Post published:November 30, 2020
  • Post category:News

Governor Michelle Lujan Grisham signed a $330 million relief bill on Wednesday that will provide $100 million in aid for New Mexico businesses who desperately need it.  Millions of dollars will soon be going out to businesses — with no repayment needed — at a time when many are closed during the busiest season of the year. Unlike much of the financial help that was offered earlier this year, the relief passed through the New Mexico legislature Tuesday are specific grants for small businesses. 

Eligible businesses that have 100 or fewer employees can apply for the grants, receiving up to $50,000. The state says priority will be given to some of the industries hit the hardest, like leisure, hospitality, and tourism. The New Mexico Finance Authority is taking public input on how to give out the grants, including the amounts provided to businesses, what severe economic impact entails, and how it can be dispersed equally and geographically. In the coming weeks, they plan to release the money via direct deposit. “There’s only $100 million which is a lot of money but there are a number of businesses that are in need. We’re trying to balance all of those issues right now,” said Marquita Russel with the New Mexico Finance Authority. The New Mexico Finance Authority hopes to have application criteria in place by this week and applications open for the grants by the week of Dec. 7. Around $100 million of the $330 million relief program is set aside for small businesses. For more information and to find the application requirements click HERE.