Small businesses in New Mexico represent over 99% of all businesses in the state and employ over half the local workforce. If you’re looking to start a business in New Mexico—or you already operate one—then check out the funding options below. These business grants and loans are only available to New Mexico-based businesses. Check them out.
Department or Agency: New Mexico Economic Development Department
Loan or Grant title: Job Training Incentive Program
The Economic Development Department funds job training programs for companies expanding or relocating to New Mexico. Eligible companies receive reimbursement for 50-85% of employee wages for up to six months, and they must follow certain guidelines to qualify. The following businesses are eligible to apply: companies that manufacture or produce products in the state, non-retail companies that export at least 50% of their revenues, and certain green industry companies.
Department or Agency: Los Alamos National Labs and Sandia National Labs
Loan or Grant title: New Mexico Small Business Assistance (NMSBA) Program
Through this program, businesses receive technical assistance and resources from two national laboratories: Los Alamos and Sandia. Eligible businesses receive researcher hours worth $40,000 (if located in a rural county) or $20,000 (if located in Bernalillo and Santa Fe counties). For-profit small businesses that are located in New Mexico may qualify.
Department or Agency: New Mexico Finance Authority
Loan or Grant title: Opportunity Enterprise Revolving Fund
This program provides low-cost loans of up to $17.5 million for building and renovation projects. Both for-profit and nonprofit businesses are eligible as long as the project increases the availability of commercial space in New Mexico and creates or expands economic opportunities. Businesses can use the loan funds to purchase, plan, design, build, survey, improve, operate, furnish, equip or maintain land, buildings, or infrastructure.
Department or Agency: WESST
Loan or Grant title: Small Business Loans
WESST is a microlender that offers training and consulting services in addition to low-cost loans ranging from $500 to $50,000. The program is geared toward women, BIPOC individuals, immigrants, refugees, and low-income residents of New Mexico. Businesses can use the loan funds to expand, purchase inventory, materials, supplies, equipment, tools, furniture, and fixtures, pay for remodeling expenses, and cover certain working capital needs.
Department or Agency: DreamSpring
Loan or Grant title: Power Line of Credit
DreamSpring is a national microlender that provides flexible lines of credit to New Mexico businesses that need additional support. The credit amount ranges from $1,000 to $50,000 with terms of up to 30 months.
Department or Agency: DreamSpring
Loan or Grant title: Small Business Loan
DreamSpring also offers small business loans from $1,000 to $250,000 with a term of 24-72 months. Businesses can use the funds for equipment, inventory, leasehold improvements, supplies, vehicles, and working capital.
Department or Agency: DreamSpring
Loan or Grant title: Ready, Set, Grow! Loan
DreamSpring’s Ready, Set, Grow! Loan is designed to help New Mexico entrepreneurs turn their side gigs into full-fledged small businesses. Eligible businesses can get up to $15,000 to put toward startup expenses and working capital.
Department or Agency: DreamSpring
Loan or Grant title: Commercial Real Estate Loan
DreamSpring’s Commercial Real Estate Loan helps small businesses purchase commercial property for their business. The loan amount ranges from $50,000 to $2 million with fixed-rate financing.
Department or Agency: New Mexico Finance Authority
Loan or Grant title: Smart Money Business Loan Participation Program
The Smart Money Business Loan Participation Program is designed to increase access to loans for businesses in rural and underserved areas of New Mexico. Businesses can use funds to cover working capital, purchase equipment, and start construction projects.
Department or Agency: LiftFund
Loan or Grant title: Small Business Loans
LiftFund offers flexible small business loans to businesses in New Mexico. Businesses can use the loan funds for commercial real estate purchases, equipment, inventory, leasehold improvements, supplies, vehicles, and working capital.
