NEW MEXICO ECONOMIC DEVELOPMENT DEPARTMENT
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.
Jurisdictions may select from five different programs to deploy capital per SSBCI regulations. The allocated amounts and programs can change at any point during the 10 years and are dependent upon the outcome of the landscape research. Businesses should expect to be able to apply to selected funds for capital by Spring 2023.
During the current assessment phase, the split between the programs is as follows:
EDD and Avivar Capital created a program guidelines summary. In March, EDD requested exploratory information from funds interested in participating in the program. EDD is working with Avivar to conduct a review of the proposals. The firm is also conducting a review of the capital landscape in New Mexico. The information collected during this process will help inform the strategic deployment of capital.
Businesses are not eligible to apply for funding at this time. If you represent a qualifying VC/Equity Fund interested in participating, please submit an inquiry and preliminary information below.
EDD can pledge cash to cover a collateral shortfall of a loan in order to enable financing that otherwise might not be available to a small business.
Learn more about CAP.
The SSBCI program provides support and capital allocation specifically to Business Enterprises Owned and Controlled by Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses (VSBs):
The state would like to work directly with communities, businesses, and investors. If you want to provide feedback or ideas on how EDD can generate the greatest impact with this program, please submit your feedback on the form below.
New Mexico EconomicDevelopment DepartmentJoseph M. Montoya Building1100 S. St. Francis DriveSanta Fe, NM 87505-4147
Mailing Address:New Mexico EconomicDevelopment DepartmentP.O. Box 20003Santa Fe, NM 87504-5003
Main number: (505) 827-0300 (se habla español)Fax: (505) 827-0328
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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