Economic Development Department

Business • Economic Development New Mexico

Local Economic Development Act, provides assistance to economic base businesses looking to grow or relocate in New Mexico. Since 2002, a record 83 New Mexico communities have now passed a Local Economic Development Act (LEDA). Through passing LEDA, a community adopts an ordinance creating an economic development organization and a strategic plan. The enactment and utilization of LEDA allows public support of economic development to foster, promote, and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. This empowers communities to embark on economic development projects tailored to their LOCAL needs. In essence, LEDA is used to enter into a “public private partnership” for an economic benefit.

Business • Economic Development New Mexico

New Mexico has one of the most generous training incentive programs in the country. 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. Custom training at a New Mexico public educational institution may also be reimbursed.

Business • Economic Development New Mexico

A program of the New Mexico Economic Development Department, New Mexico MainStreet works throughout the state to help affiliated local organizations create an economically viable business environment while preserving cultural and historic resources.

Living • Economic Development New Mexico

Access to the outdoors is a basic human right – yet it’s one that has often been denied to many of our youth. As a result, our underrepresented kids haven’t had the chance to experience some of the best of New Mexico: Its outside world.

Business,Living • Economic Development New Mexico

In fiscal year 2016 the Certified Communities Initiative (CCI) evolved into the LEADS Program. LEADS is a funding program for economic development projects that produce sustainable outcomes. The funding provided through LEADS is intended to create jobs through recruitment, retention/expansion and startup activities; develop the tax base; and provide incentives for business development. LEADS applications will be evaluated based on these objectives.

Business • Economic Development New Mexico

The New Mexico Film Office, a division of the Economic Development Department, serves the film and television industry locally, nationally and internationally. Our purpose is to market the state to this industry, service the productions, and create jobs for New Mexicans. The office is headed by Director Amber Dodson.

The Outdoor Recreation Division works to ensure that all New Mexicans gain from the public health, environmental, and economic benefits of sustainable outdoor recreation. The department is headed by Acting Director Alyssa Renwick.

Business • Economic Development New Mexico

As part of the American Rescue Plan Act (ARPA), signed into law by President Biden in 2021, Congress has allocated $10 billion to increase small businesses access to equity and debt capital through the State Small Business Credit Initiative (SSBCI 2.0) program. Administered by the U.S. Department of Treasury, the funds are distributed to each state, territory, and Tribal jurisdiction. EDD is administering New Mexico’s SSBCI 2.0 allocation. To support business growth in New Mexico and to create and retain jobs, EDD encourages banks and other financial institutions to make loans to small businesses in underserved markets. EDD can pledge cash to cover a collateral shortfall of a loan to enable financing that otherwise might not be available to a small business. Preference is given to business owners who are women, US Veterans, ethnic minorities, or part of other socially disadvantaged groups. Special focus is on (but not limited to) projects in industries related to: intelligent manufacturing, sustainable & green industries, value-added agriculture, outdoor recreation, film & media located in rural areas. Loan proceeds can be used toward the following: Any tangible or intangible asset purchase, including; construction, renovation or improvements of an eligible place of business Start-up costs Working capital Franchise fees Equipment Inventory Bridge loans needed prior to the borrower obtaining permanent financing or support

• Economic Development New Mexico

Access to the outdoors should be low-cost and ubiquitous for all New Mexicans. That's why lawmakers created the Outdoor Recreation Trails+. This grant program supports projects that enhance communities' outdoor recreation opportunities. Trails, river parks, wildlife viewing areas, and more contribute to economic development, prosperity, and wellness. This grant funds shovel-ready projects that directly add to that access.