Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505
Albuquerque Office
500 Marquette Ave NW Suite 640
Albuquerque, NM 87102
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.
Read more about the SSBCI program on the US Dept. of Treasury website.
U.S. Treasury Objectives:
Program Results:
New Mexico is allocated to receive up to $74,000,000 over the course of the 10-year program. SSBCI funding is distributed in three different tranches. The state has received 2 of the 3 tranches and can draw the 3rd and final tranche once it deploys 80% of previous allocations received.
The New Mexico SSBCI Technical Assistance program is designed to help businesses and VC fund managers prepare to access SSBCI and other funding by supporting registered business owners in various critical areas. The program focuses on providing essential support to very small (VSB) and socially economically disadvantaged (SEDI) owned businesses. It will offer business workshops and 1:1 assistance to eligible businesses with services such as financial advisory, legal advisory, and accounting assistance. A portion of the program is specifically tailored for venture capital interested funds and emerging fund managers and business interested in accessing venture capital. The New Mexico SSBCI TA program aims to provide the necessary tools and guidance to help these businesses thrive. By offering targeted assistance in key areas, the TA program seeks to empower businesses in navigating accessing capital to support growth, job creation, and sustainability of New Mexico’s business community.
The following contractors have been selected via RFP to administer the NM SSBCI TA program for the first year.
A Very Small Business (VSB) is defined as a business with fewer than 10 employees and includes independent contractors and sole proprietors.
A SEDI-owned business is: a business enterprise that self-certifies that it is owned and controlled by individuals who have had their access to credit on reasonable terms diminished compared to others in comparable economic circumstances, due to (1) membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society, (2) gender, (3) veteran status, (4) limited English proficiency, (5) disability, (6) long-term residence in an environment isolated from the mainstream of American society, (7) membership of a Federally or state-recognized Indian Tribe, (8) long-term residence in a rural community, (9) residence in a U.S. territory, (10) residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization), or (11) membership of an underserved community.
A full definition of VSB and SEDI can be found here on page 3.
New Mexico Economic Development Department
Main number: (505) 827-0300 (se habla español)
Email: info@edd.nm.gov
Joseph M. Montoya Building
1100 S. St. Francis Drive
Santa Fe, NM 87505
Albuquerque Office
500 Marquette Ave NW Suite 640
Albuquerque, NM 87102
Mailing Address:
New Mexico Economic
Development Department
P.O. Box 20003
Santa Fe, NM 87504-5003
The mission of the New Mexico Economic Development Department is to Improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive.
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