New Mexico's Small Businesses Can Get a Pandemic Recovery Boost
The pandemic has hit everyone hard, especially New Mexico’s business community––and the New Mexico Finance Authority announced a new business recovery grant program to provide $200 million to help recover losses in the state.
"Small business is the backbone of New Mexico’s economy."
That’s Marquita Russell, CEO of The New Mexico Finance Authority.
Many businesses have suffered financially. And now, many people are looking at the next step––recovery.
The Business Recovery Program reimburses businesses for fixed costs, like rent, mortgage, and even leases. This way, Russell said, folks can use their profits to go towards hiring and advertising in order to rebuild.
"So normal’s a tough phrase right now, I think there may be a new normal that we’re settling into. And for business owners who suffered that revenue decline as a result of the pandemic, it may be years before their cash flows are strengthened again." said Russell.
Any business located in New Mexico that has at least one employee and fewer than 75 are eligible. But, Russell said, a big misconception is that businesses may think in order to receive funding, jobs had to have already existed in 2020 in the midst of the pandemic.
But that’s not the case, the program is based on the creation of new full time equivalent jobs anywhere from April 1st 2021 through June 2023.
Applicants can check out the Finance Authority’s website in order to view eligibility check lists, information about how to apply, and the type of documentation that may be needed.