NEW MEXICO ECONOMIC
DEVELOPMENT DEPARTMENT

Federal Grant Programs

EDD is working with the N.M. Department of Finance to provide transparency related to federal grants management and public access.

EDD manages several “re-grant” programs available for the public to access:

Several programs funded through ARPA and CARES, to increase access to capital and support economic resiliency, are (but are not limited to):

SSBCI Program Information

State Small Business Credit Initiative

On March 11, 2021, President Biden signed The American Rescue Plan Act (ARPA), which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. 

New Mexico is allocated to receive ~$74,000,000 over the course of the program. EDD is the administrative lead on the program for the state.

EDD signed New Mexico’s allocation agreement on September 8, 2022. The department has 90 days to deploy access to programming.

EDD’s proposal includes:

Funding multiple Venture Capital/Equity programs:

Status:

  1. EDD has issued an RFI and is currently accepting inquiries from funds 
  2. EDD has activated an Investment Advisory Committee comprised of:
    • Ryan Decker, NMFA
    • Yasine Armstrong, Entrepreneur
    • June Manning, Nusenda
    • Miguel Vicens, WNMU
    • Alex Greenberg, Office of Science & Technology, EDD
    • Shani Harvie, Justice, Equity, Diversity, and Inclusion, EDD
    • Johanna Nelson, Program Mgr., EDD
  3. EDD has contracted with Avivar Capital to serve as the Investment Advisor to the  State of New Mexico.
  4. EDD is working with the Investment Advisory Committee along with the Investment Advisor to develop a strategy to deploy the capital.
  5. Businesses tentatively could expect to access capital through respective Venture Capital Funds by the Spring of 2023.

 

Funding the Collateral Assistance Program: Businesses and financial organizations can access more information here.

 

Please complete an inquiry form if you would like to provide feedback on the strategic development of SSBCI capital for New Mexico.