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New Mexico offers several programs to assist business located within the state. San Juan Economic Development Service will help you assess these programs and coordinate with state and local governments. Click on the list below for more information about specific programs:
THE ENTERPRISE CENTER/BUSINESS INCUBATOR Program Description: Businesses are eligible to lease space and enter the business incubation program, which provides assistance in business planning, organization, finance, networking and other support services. Eligible Use: Business startups, reorganizations and relocations are eligible for assistance. Rates, Terms, Limits: Lease rates and support services are negotiated. Location Targets: San Juan County, New Mexico Contact Information: Name: Jasper Welch, Director Address: 5101 College Boulevard, Farmington, NM 87402 NORTHWEST NEW MEXICO COUNCIL OF GOVERNMENTS) Program Description: The ELF is a regional loan program designed to assist businesses that employ local residents. Loans are available to finance capital improvements and, in some cases, working capital requirements. The ELF works in collaboration with local lenders to jointly fund the loans. Rates, Terms, Limits: Rates, terms and limits are determined at the time of application. Location Targets: The NM counties of San Juan, McKinley and Cibola.. Contact Agency: Northwest NM Council of Governments Name: Sherri Grona Address: 5101 College Boulevard, Farmington, NM 87402 Phone: 505-566-3672
NM INDUSTRY DEVELOPMENT CORPORATION REVOLVING LOAN FUND Program Description: The IDC-RLF was initiated for the purpose of assisting with the financing of businesses in counties with long-term economic deterioration. Eligible Uses: Priority is given to existing businesses that develop, manufacture or assemble products utilizing local labor. Rates, Terms, Limits: The IDC-RLF provides loans for fixed assets (land, building, machinery and equipment) and working capital. Loans usually range from between $25,000- $50,000 and are leveraged with other funds. Maturities: The term for fixed asset loans may be up to 15 years; working capital loans up to seven years. Rates: Lower than market rates and subordinated collateral is negotiable. Socio-Economic Targets: Job creation and retention, minority business. Location Targets: Counties of Catron, Cibola, Colfax, DeBaca, Dona Ana, Eddy, Grant, Guadalupe, Hidalgo, Luna, McKinley, Mora, Rio Arriba, San Juan, San Miguel, Sandoval, Socorro, Taos, Torrance, Valencia Business Size Targets: Small (SBA definition) Other requirements: Applicants must be existing New Mexico businesses located in eligible counties and small businesses as defined by the SBA. IDC-RLF is a lender of last resort. The applicant must be turned down by at least two financial institutions in order to qualify. Emphasis will be placed on loans that are participating with other public and private sources of financing. Contact Agency: NM Industry Development Corp.
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