NEW MEXICO (KAMR/KCIT) – The New Mexico Finance Authority has announced that grant applications for the Small Business CARES Relief Grants are set to open at noon on Monday, Dec. 7. and will close at noon on Friday, Dec. 18.
The grant application is available here.
Information on the guidelines, eligibility requirements, required documents, and the application process can be found here.
According to the Finance Authority, “Eligible businesses of 100 or fewer employees include for-profit businesses that are at least 51% owned by New Mexico residents, and nonprofit organizations designated as a 501(c)(3), 501(C)(6) or 501(c)(8) entity, or a 501(c) that serves members of the U.S. Armed Forces.”
The New Mexico Finance Authority says that applications will be reviewed in three funding rounds. If applications exceed available funds in a round, the applications will be prioritized based on the severity of economic impact experienced by the business. Applications that aren’t funded in the round in which they are submitted will be rolled into the next funding round. Special consideration will be given to industries most severely effected by the pandemic, including hotels, restaurants, and other hospitality and tourism-related businesses.
The opening announcement states that New Mexico small businesses experiencing financial hardship due to the pandemic are eligible to receive up to $50,000. The Small Business CARES Relief Grants were authorized by the State of New Mexico in the Nov. 2020 Special Session and are funded by $100 million in Federal CARES stimulus funds.
“We encourage businesses to apply early to maximize their chances of receiving a grant. Our website has all the information you’ll need to apply,” states New Mexico Finance Authority CEO Marquita Russel.