The New Mexico Finance Authority (NMFA) has announced a new Business Recovery Grant Program that will help eligible small businesses in the state of New Mexico survive and recover from the economic impacts of the pandemic. The NMFA has allocated $20 million to the program, with the goal of providing relief to businesses that have been affected by the pandemic, and to help them get back on their feet.

The Business Recovery Grant Program is open to all small businesses in the state of New Mexico, regardless of size. Eligible businesses must meet certain criteria and will be required to provide proof of their economic need in order to receive the grant. The maximum amount of the grant is $50,000, and the funds can be used to cover operating expenses, such as rent, payroll, and other business-related costs.

To apply for the grant, businesses must complete the online application and submit all required documents. The NMFA will review the applications and determine eligibility based on the criteria set forth in the program guidelines. The deadline to apply is June 30, 2023, and the funds are expected to be disbursed by August 1, 2023.

Eligibility Requirements

In order to be eligible for the grant, businesses must meet the following criteria:

• The business must be located in the state of New Mexico.
• The business must have been in operation since at least January 1, 2020.
• The business must have experienced a loss of revenue due to the pandemic.
• The business must have fewer than 50 employees.
• The business must demonstrate financial need.

Application Process

The application process for the Business Recovery Grant Program is simple and straightforward. Businesses must first complete the online application, which includes providing proof of their economic need. Once the application is complete, businesses must submit all required documents, such as bank statements and proof of revenue loss due to the pandemic.

The NMFA will review the applications and determine eligibility based on the criteria set forth in the program guidelines. The deadline to apply is June 30, 2023, and the funds are expected to be disbursed by August 1, 2023.

Additional Resources

The NMFA has created a number of helpful resources to assist businesses with their applications and provide information on the program. These resources include a Business Recovery Grant Program web page, a grant application guide, a grant FAQ page, and a grant calculator. The NMFA also provides free one-on-one assistance to businesses as they complete their applications.

Conclusion

The Business Recovery Grant Program is a great opportunity for eligible small businesses in New Mexico to get the support they need to survive and recover from the economic impacts of the pandemic. The program is open to all small businesses in the state, and the funds can be used to cover operating expenses, such as rent, payroll, and other business-related costs. Businesses must apply before the June 30, 2023 deadline in order to be eligible for the grant.