New Mexico authorizes $100 million in CARES Act grants to over 6k small businesses

New Mexico

courtesy New Mexico Office of the Governor

SANTA FE, N.M. (KAMR/KCIT) – According to the New Mexico Finance Authority, 6,642 small businesses will be receiving grants, expending $100 million in funds from the Small Business CARES Relief Grants.

The New Mexico Legislature authorized the Small Business CARES Relief Grants during the November 2020 Special Session. The fund originated from the Federal CARES Act stimulus and is part of a larger $319 million aid package for New Mexico. These grants are intended to provide financial support to businesses and industries in the state experiencing severe economic impact due to the pandemic, said the Authority.

“Thousands of New Mexico small businesses will be receiving this essential financial assistance,” said Gov. Lujan Grisham. “And we have more work to do to ensure entrepreneurs, business-owners and workers all throughout our state are supported in these difficult times. The state of New Mexico will always step up to protect our own.”

The New Mexico Finance Authority reported to receive 14,125 grant applications totaling $156 million in requests during the Dec. 7 – Dec. 18 application period. NMFA said it provided 60% of the grants to businesses in urban and 40% in rural areas of the state.

The businesses receiving grants that the NMFA reported include restaurants, hotels, retail stores, nonprofit organizations, manufacturing companies, accountants, and many more in large and small communities throughout New Mexico. Grants ranged from $2,000 to $50,000 with an average grant of $15,000.

New Mexico small businesses experiencing financial hardship with 100 or fewer employees were eligible, said the NMFA, to apply for a grant. NMFA said it received  applications in three funding rounds, prioritizing based on the severity of the business’s economic hardship caused by the health emergency. Special consideration was given to industries that have been severely affected by the public health emergency, including hotels, restaurants, and other hospitality and tourism-related businesses.

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