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Business grants available from state

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Applications are now being accepted for Local Economic Development Act (LEDA) Recovery Grants of up to $100,000, the New Mexico Economic Development Department and the New Mexico Finance Authority announced Thursday.

The $200 million relief fund was created in the 2021 legislative session to help businesses that were hit the hardest by the pandemic. Applications are due no later than June 15.

“We know that small businesses are the lifeline of New Mexico’s economy; their success and stability is critical for building a successful and sustainable recovery,” Gov. Michelle Lujan Grisham said. “New Mexico has provided hundreds of millions of dollars in small business grants, loans and tax holidays. I am glad to now expand with LEDA recovery grants. The state will continue to deliver support for New Mexicans as we move forward, both now and in the future.”

The funds are intended to encourage job growth. Eligible businesses must have at least one employee and no more than 75 employees in any one location. They also must have operated in New Mexico on or before Oct. 1, 2019, be current on all state and local tax obligations, and have experienced a decline in business revenue between taxable years 2019 and 2020. No business sector is excluded from the funding. Nonprofit organizations are also eligible to apply.

Expenses that can be covered by grant funds are rent, mortgage or lease payments on the business premises. Grant applications are prioritized based on the severity of economic decline experienced by the business. Funds are paid quarterly subject to employment information submitted by the recipient.

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Applicants may submit one application per business location and can check the status of their applications online. Awards are expected to be made in early July.

The application as well as additional information and guidelines about the program can be found on the New Mexico Finance Authority website, www.nmfinance.com.

Prospective applicants can submit questions via email at LEDA@nmfa.net or by calling 505-992-9696.

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