State of New Mexico provides $200M in COVID-19 reduction enterprise funds

The New Mexico Finance Authority (NMFA) provided $200 million in grant reduction to New Mexico small companies and nonprofits impacted by the COVID-19 pandemic.

The grants created by the State of New Mexico have been tied to job creation, in accordance with the NMFA web site.

“(The grants) have to be used as reimbursements for lease, lease or mortgage funds, and are prioritized based mostly on the severity of financial decline skilled by the enterprise,” the web site said.

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The grants are a part of the Native Financial Growth Act (LEDA) created throughout the 2021 common New Mexico Legislative Session.

State Rep. Christine Chandler (D-43) and State Home Speaker Brian Egolf (D-47) sponsored Home Invoice 11 (HB11) and launched the laws Jan. 25, per the New Mexico Legislature’s web site.

The measure handed the New Mexico Home 51 to 16 on Feb. 11 and handed the New Mexico Senate Feb. 28, 41 to 1. Gov. Michelle Lujan Grisham signed the invoice Feb. 26, the Legislature’s web site indicated.

Companies working in New Mexico with at the least one however fewer than 75 full-time or part-time staff employed at any one of many enterprise places have been eligible for the grant, learn the NMFA web site.

The web site famous {that a} enterprise that’s present on all state and native taxes and a enterprise that skilled income declines between comparable quarters within the 2019 and 2020 tax years have been eligible for the grant.

Deadline utility was Dec. 7, learn a information launch from NMFA.

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LEDA is run by NMFA on behalf of the New Mexico Financial Growth Division (NMEDD), NMFA’s web site.

“As soon as the applying is accredited it might come to us,” stated Bruce Krasnow, NMEDD spokesperson.

Carlsbad Division of Growth (CDOD) Government Director John Waters stated his division obtained the mortgage data earlier this month and shared it with Carlsbad companies, the Carlsbad Chamber of Commerce, the Metropolis of Carlsbad and Eddy County.

John Waters, government director of Carlsbad Division of Growth

“I’m hopeful that a few of this cash will make it down right here to our native companies to assist out, as there are nonetheless people on the market struggling to get well from the closures,” Waters stated.

Carlsbad Mayor Dale Janway inspired companies in Eddy County and Carlsbad to pursues the NMFA cash and different grants out there for COVID-19 reduction.

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He stated events ought to contact CDOD for questions concerning the grant course of.

“Let’s be sure that all of our native companies get a good probability,” Janway stated.

Mike Smith could be reached at 575-628-5546 or by e-mail at [email protected] or @ArgusMichae on Twitter.

This text initially appeared on Carlsbad Present-Argus: State provides $200M for companies impacted by COVID-19

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