State Of New Mexico Expends Entire $100 Million In CARES Act Funds To Aid 6,642 New Mexico Small Businesses

NMFA News:

  • The New Mexico Legislature authorized the Small Business CARES Relief Grant during the November 2020 Special Session

SANTA FE – The the New Mexico Finance Authority (NMFA) will be distributing grants to 6,642 small businesses in New Mexico, expending the entire $100 million in funds from the Small Business CARES Relief Grants.

With strong support from Gov. Lujan Grisham, the New Mexico Legislature authorized the Small Business CARES Relief Grants during the November 2020 Special Session. The $100 million fund originated from the Federal CARES Act stimulus and is part of a larger $319 million aid package for New Mexico.

These small business grants will provide financial support to businesses and industries in the state experiencing severe economic impact due to the pandemic.

“Thousands of New Mexico small businesses will be receiving this essential financial assistance,” Gov. Lujan Grisham said. “And we have more work to do to ensure entrepreneurs, business-owners and workers all throughout our state are supported in these difficult times. The state of New Mexico will always step up to protect our own.”

The New Mexico Finance Authority received 14,125 grant applications totaling $156 million in requests during the Dec. 7-18 application period. NMFA provided 60 percent of the grants to businesses in urban and 40 percent in rural areas of the state.

The businesses receiving grants include restaurants, hotels, retail stores, nonprofit organizations, manufacturing companies, accountants, and many more in large and small communities throughout New Mexico. Grants ranged from $2,000 to $50,000 with an average grant of $15,000.

New Mexico small businesses experiencing financial hardship with 100 or fewer employees were eligible to apply for a grant. NMFA received applications in three funding rounds, prioritizing based on the severity of the business’s economic hardship caused by the health emergency. Special consideration was given to industries that have been severely affected by the public health emergency, including hotels, restaurants, and other hospitality and tourism-related businesses.

Search
LOS ALAMOS

ladailypost.com website support locally by OviNuppi Systems

Facebook Rss Twitter Youtube

Subscribe to your choice of breaking and/or daily news headlines.

Copyright © 2012-2024 The Los Alamos Daily Post is the Official Newspaper of Record in Los Alamos County. This Site and all information contained here including, but not limited to news stories, photographs, videos, charts, graphs and graphics is the property of the Los Alamos Daily Post, unless otherwise noted. Permission to reprint in whole or in part is hereby granted, provided that the Los Alamos Daily Post and author/photographer are properly cited. Opinions expressed by readers, columnists and other contributors do not necessarily reflect the views of the Los Alamos Daily Post. The Los Alamos Daily Post newspaper was founded Feb. 7, 2012 by Owner/Publisher Carol A. Clark.