In Thursday’s webinar from the New Mexico Finance Authority, the agency laid out it’s plan for the quick distribution of $100 million in federal CARES act funding for businesses that starts on Monday. “We are on a fast track to get as much money as we can into the hands of small businesses,” Marquita Russell, the CEO of the New Mexico Finance Authority, said during a Thursday webinar. Some parameters for the grant program include requiring that businesses be New Mexico-owned – or primarily owned in the case of corporations – and employ no more than 100 workers. The maximum size of an individual business grant will be set at $50,000, with exact award amounts depending on the number of employees.
Unlike the previous $400 million state loan program for businesses enacted by Gov. Michelle Lujan Grisham’s administration, the current grant program will not require money to be paid back by businesses that receive funds. Businesses in the hospitality and leisure industry will get first priority for available funds, with more than half of the $100 million earmarked for hotels, restaurants, beverage shops and other leisure-related businesses.
The Finance Authority will begin accepting applications for federal CARES act business relief grants starting at noon on Monday, December 7th. The window to submit your application for a business grant closes on Friday, December 18th. According to the parameters of the grant program, the funds must be dispersed to recipients by December 28th, so don’t wait to get your application package submitted. To apply for a grant, learn more about the requirements or watch the webinar, click the links below.