Business Resources

The following information is valid as of June 16, 2021


Local Economic Development Act (LEDA) is a grant to assist expanding or relocating businesses that are Qualified Entities that will stimulate economic development and produce public benefits All grants are funded on a strictly reimbursement basis.

This is a discretionary fund. The state considers the total Cap Ex (capital expenditures), new jobs created, and the total payroll of those jobs when determining an amount to award.

Qualifying Entity

A corporation, Limited Liability Company, partnership, joint venture, syndicate, association or other person that is one or a combination of two or more of the following:

  • An industry for the manufacturing, processing, or assembling of agricultural or manufactured products;
  • A commercial enterprise for storing, warehousing, distributing, or selling products of agriculture, mining or having been manufactured; or
  • An “Economic Base Employer”, which is defined as an employer who is deemed eligible for in-plant training assistance by the Economic Development Department’s Job Training incentive Program (Section 21-19-7 NMSA 1978).

Access to the online application portal is extended to a Qualified Entity after an initial review of program eligibility

For State LEDA Program contact your Regional Rep to start the process

For City Las Cruces LEDA program contact Elizabeth Teeters
Business Development Administrator/Economic Development
Direct: 575-528-3476

LEDA Recovery Grants

The LEDA Recovery Grants provide funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic. These grants are specifically tied to job creation, must be used as reimbursements of rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business.

Eligibility Requirements

  • A business operating in New Mexico
  • A business that has at least one but fewer than 75 full-time or part-time employees employed at any of the business’s locations
  • A business that is current on all state and local tax obligations, and
  • A business that experienced a decline in business revenue between comparable quarters in taxable years 2019 and 2020

Application Deadline – June 15, 2021

Small Business Recovery Loan Fund

Small Business Recovery Loan Fund provides loans to businesses that experienced financial hardship resulting from the COVID-19 pandemic. Businesses that received a Small Business Recovery Loan in 2020 are eligible to apply to refinance their loan under the new guidelines to receive a longer term and/or larger amount. Please note that this is a loan program, not a grant program.

Eligibility Requirements

Businesses must be a New Mexico for-profit business or nonprofit corporation that:

  • Had an annual net revenue of less than $5,000,000 in tax year 2019 or 2020. and
  • Experienced a substantial disruption or substantial decline in gross revenue. 

For-profit businesses must also be:

  • At least 51% owned by New Mexico residents; or
  • For businesses that are not at least 51% owned by New Mexico residents, a business that is physically located in New Mexico that employed at least ten full-time (40 hours per week) New Mexico residents at any time since January 1, 2019; or
  • If a sole proprietorship, 100% of the assets of the business are owned or leased by a New Mexico resident.

Nonprofit organizations must also be:

  • Governed by the New Mexico Nonprofit Corporation Act; and
  • Designated by the IRS as a 501(c)3, 501(c)6, 501(c)8, 501(c)19, or 501(c)(23).

Applications will be open from May 4, 2021 until May 31, 2022

The application will be available online at

Renovate Main Street Incentive Program

Renovate Main Street is a building improvement matching grant program to incentivize private investment in downtown, to encourage downtown businesses and property owners to upgrade and improve their buildings and encourage economic development growth.

The Renovate Main Street Program will provide financial reimbursement for the improvement and rehabilitation of Main Street properties intended as storefronts of retail, restaurant and entertainment for-profit businesses. The Renovate Main Street program will reimburse half of the costs for eligible projects up to $25,000 per project.

Application Process

Grant applications (PDF) may be submitted at any time during the year. Funding will be awarded on a first-come, first-serve basis until the grant funds have all been dispersed.

Job Training Incentive Program (JTIP)

The Job Training Incentive Program (JTIP) funds classroom and on-the-job training for newly created jobs in expanding or relocating businesses for up to 6 months. The program reimburses 50-75% of employee wages.

 Company Eligibility

  • Companies that manufacture or produce a product in New Mexico
  • Non-retail service companies that export a substantial percentage of services out of state
  • Certain green industries

 Job Eligibility

  • Full time (minimum of 32 hours per week)
  • Permanent,/Year-round employee
  • Directly related to the creation of the product or delivery of the service.

For more information on JTIP, contact the New Mexico Economic Development Department:
Patrick Gannon, JTIP Program Manager
(505) 470.3572 or


WagePlus is a supplement to the State of New Mexico’s JTIP program that rewards businesses for hiring and paying above median wage. The program provides a $1,500 per job reimbursement for qualifying companies that hire and train new employees for jobs paying at least 10 percent more than the county median wage.  


To qualify a company must manufacture a product, export non-retail services from the state or meet state green industry standards. The company must successfully complete the Job Incentive Training Program. The people they hire must have been New Mexico residents for at least one year in their lifetime. For more information, contact us at


The State of New Mexico offers a 25-35% refundable tax credit

Project Types that Qualify

Feature films, independent films, television (MOW, pilots, series, reality), certain commercials and electronic press kits (EPK’s), documentaries, student films, short films, animation, video games, webisodes, music videos, infomercials, content-based mobile apps, virtual reality (VR)R, multi-media, new media, visual effects (VFX), and standalone post-production.

Credit Amounts

  • Base refundable tax credit: 25%
  • Maximum refundable tax credit allowed: 35%
  • Additional uplifts: 5%

COVID-19 Economic Injury Disaster Loan (EIDL)

This loan provides economic relief to small businesses including agricultural businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.  The loan is to meet financial obligations and operating expenses that could have been met had the disaster not occurred.

Loan Amount

  • 24-months of economic injury with a maximum loan amount of $500,000.


  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits (fixed)
  • 30 years
  • No pre-payment penalty or fees

Loan eligibility

  • Small business owners and qualified agricultural businesses in all U.S. states and territories.
  • Agricultural businesses with 500 or fewer employees are now eligible


Simply complete your business or nonprofit’s information on the streamlined loan application at

Shuttered Venue Operators Grant (SVOG)

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million 

Eligible Entities

  • May Include –  live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators or owners, and talent representatives.
  • Must have been in operation as of February 29, 2020

Apply Here

PPP Loan Forgiveness

Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness.


First and Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

To apply for loan forgiveness:

  • Contact your PPP lender and complete the correct form
  • Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.