The New Mexico Finance Authority (NMFA) offered $200 million in grant relief to New Mexico small businesses and nonprofits impacted by the COVID-19 pandemic.
The grants created by the State of New Mexico were tied to job creation, according to the NMFA website.
“(The grants) must be used as reimbursements for rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business,” the website stated.
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The grants are part of the Local Economic Development Act (LEDA) created during the 2021 regular New Mexico Legislative Session.
State Rep. Christine Chandler (D-43) and State House Speaker Brian Egolf (D-47) sponsored House Bill 11 (HB11) and introduced the legislation Jan. 25, per the New Mexico Legislature’s website.
The measure passed the New Mexico House 51 to 16 on Feb. 11 and passed the New Mexico Senate Feb. 28, 41 to 1. Gov. Michelle Lujan Grisham signed the bill Feb. 26, the Legislature’s website indicated.
Businesses operating in New Mexico with at least one but fewer than 75 full-time or part-time employees employed at any one of the business locations were eligible for the grant, read the NMFA website.
The website noted that a business that is current on all state and local taxes and a business that experienced revenue declines between comparable quarters in the 2019 and 2020 tax years were eligible for the grant.
Deadline application was Dec. 7, read a news release from NMFA.
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LEDA is administered by NMFA on behalf of the New Mexico Economic Development Department (NMEDD), NMFA’s website.
“Once the application is approved it would come to us,” said Bruce Krasnow, NMEDD spokesperson.
Carlsbad Department of Development (CDOD) Executive Director John Waters said his department received the loan information earlier this month and shared it with Carlsbad businesses, the Carlsbad Chamber of Commerce, the City of Carlsbad and Eddy County.
“I am hopeful that some of this money will make it down here to our local businesses to help out, as there are still folks out there struggling to recover from the closures,” Waters said.
Carlsbad Mayor Dale Janway encouraged businesses in Eddy County and Carlsbad to pursues the NMFA money and other grants available for COVID-19 relief.
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He said interested parties should contact CDOD for questions about the grant process.
“Let’s make sure all of our local businesses get a fair chance,” Janway said.
Mike Smith can be reached at 575-628-5546 or by email at [email protected] or @ArgusMichae on Twitter.