New Mexico to offer more grants for businesses

ALBUQUERQUE, N.M.- Gov. Michelle Lujan Grisham signed House Bill 11 into law, making $200 million available to New Mexico businesses.

"The fact these are grants makes a difference to businesses," said Rachel Sams, editor-in-chief of Albuquerque Business First. "Unlike loans, grants don’t have to be paid back if the business meets the terms of the grant."

Businesses can get up to $100,000 to assist with the hiring or rehiring of employees.

Sam said anything will help, but adds that some businesses could be left out.

"I do expect there will probably be more demand for this money than there is money available," she said. "So I do expect there will be businesses that apply that don’t receive it because the demand is so great."

The grants aren’t without conditions. Businesses will need to jobs and get New Mexicans working.

"One of the main restrictions is they have to either hire new employees or rehire previous employees," Sams said. "The goal is to get people back to work and give businesses some financial support to be able to do this."

Other requirements include:

• Businesses must be operating in New Mexico
• Have fewer than 75 employees per location
• Demonstrate a loss of revenue in at least one quarter between 2019 and 2020

The money is coming from the state Economic Development Department’s LEDA job-creation fund.

There will be two sign-up periods for the grants, before June 30 and before the end of the year.

Click here for more on this story from Albuquerque Business First