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Small businesses in New Mexico represent over 99 percent 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 to companies that expand or relocate to the state of New Mexico. Eligible companies receive reimbursement for 50–85 percent 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 stateNonretail companies that export at least 50 percent of their revenues 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: 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. The loan funds can be used to:
- Expand or develop the business
- Purchase inventory, materials, supplies, equipment, tools, furniture, and fixtures
- Pay for remodeling expenses
- Cover certain working capital needs
Department or Agency: DreamSpring and the U.S. Economic Development Administration
Loan or Grant title: 0% Fast Forward Project Loan
This program provides unsecured loans of $2,500 to $10,000 to contractors in New Mexico and Texas. To apply, the business owner is required to submit a cost estimate and cost breakdown, a fully executed contract, and a profit projection.
