WASHINGTON, D.C. — U.S. Senators Tom Udall (D-N.M.) and Martin Heinrich (D-N.M.) and U.S. Representative Deb Haaland (D-N.M.) applauded a $500,000 grant to DreamSpring Community Development Association from the Economic Development Administration of the U.S. Department of Commerce.
The grant will help DreamSpring roll out the community development financial institution’s Expreso loan program and support loan recipients to create an anticipated 268 jobs in designated Opportunity Zones.
“Community Development Financial Institutions like DreamSpring are financial lifelines for New Mexico small businesses, especially during the COVID-19 crisis,” Udall said. “I fought alongside Senate Democrats to make sure that Congress’s coronavirus response packages included dedicated funding for community and minority lending institutions so that more small business owners in New Mexico can gain access to the resources they need to recover from this challenging time. I am committed to supporting the community institutions that create good jobs within New Mexico communities, and I encourage small business owners to reach out to my office for assistance in connecting to available federal resources.”
“The COVID-19 pandemic has created new financial obstacles for so many in New Mexico, but programs like DreamSpring’s Expreso loan program can offer local manufacturing and construction companies with the assistance they need to stay afloat,” Heinrich said. “Supporting economic development and opportunities in New Mexico has been one of my main goals, leading me to create my own internal economic development and special initiatives team. We are dedicated to creating new pathways for New Mexico small businesses and local organizations and communities that put them on the road to financial sustainability and success. That is why I am proud to support this funding for DreamSpring that will spur job growth, and I will keep fighting for grants that assist New Mexicans looking for work.”
“Small businesses in New Mexico are the backbone of our economy, but the COVID-19 pandemic is causing financial hardship for many of our communities. That’s why it’s imperative that community development organizations like DreamSpring receive the funding to create hundreds of new jobs for New Mexicans through the Expreso loan program. I will continue working for more federal funding and resources to support projects that empower small businesses and keep local economies running,” Haaland said.
DreamSpring’s Expreso loan project will offer access to shorter term loans up to $10,000 to facilitate revenue growth, particularly in industries such as manufacturing or construction. Once completed, the project will enable DreamSpring to build its capacity and develop partnerships to ensure a solid pipeline of companies to provide funding, encourage entrepreneurialism, create jobs, and advance economic resiliency throughout the region.
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds. More information on EDA’s grant process and investment process can be found at www.eda.gov.