Applications open Monday for New Mexico small business grants | KOB 4

Applications open Monday for New Mexico small business grants

Kai Porter
Created: December 04, 2020 06:40 PM

ALBUQUERQUE, N.M.- Starting next week, small business owners in New Mexico can apply for a grant from the $100 million that state lawmakers set aside during the special session.

Businesses majority owned by New Mexicans with 100 or fewer employees can receive up to $50,000 to help cover operating costs.

Businesses like restaurants and hotels will be prioritized.

“They asked us to give priority to in the rules that we use to operate the program to those businesses that have been hit hard by the pandemic in particular so hospitality and leisure industries in particular,” said Marquita Russel, CEO of the New Mexico Finance Authority.

She held a webinar Friday afternoon, hosted by the New Mexico Tourism Department, explaining how the application process works.

The state will start taking applications on Monday at noon, and applications will be accepted for 11 days.

“Grants themselves will be awarded based on the number of employees that these businesses have,” said Russel.

The money is coming from the federal CARES Act. 

Russel expects the money to be handed out to businesses that are approved by Dec. 23.

“The grant itself may be used for regular business expenses, your rent, marketing, your utilities, things that you simply don’t have the money currently to pay because in fact you have reduced revenue,” she said.

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