Programs Designed to Grow your Business
There are a number of programs designed to assist businesses in New Mexico. The state of New Mexico, counties and municipalities have a number of programs to provide financial assistance to small businesses. A list of some of the programs include:
Job Training Incentive Program (JTIP)
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.
Local Economic Development Act (LEDA)
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.
Further, the purpose of the Act is to allow municipalities and counties to enter into Joint Powers Agreements to plan and support regional economic development projects. LEDA can be used to support 3 types of projects: Infrastructure/Improvement, Economic Development (Job Creator) and Retail **
New Mexico Small Business Assistance (NMSBA) Program
This is a program by the two National Laboratories in New Mexico—Los Alamos National Labs and Sandia National Labs. The program is intended for small businesses facing a technical challenges access to the expertise and capabilities of the two labs. At no cost to the business, businesses can seek assistance from lab scientists and engineers to solve challenges and overcome barriers to company success.
According to the NMSBA website, the two labs have provided $57.9 million in technical assistance to 2,797 businesses, and the creation of 7,853 jobs throughout New Mexico.
This is a wonderful program provided by the labs and if your business is facing a technical challenge, this may the program to help you. Be sure to go to the NMSBA website to learn more.
Finance New Mexico
The following excerpt is from the About Us section of the Finance New Mexico Website:
“Since 2007, the Finance New Mexico project has delivered business knowledge and resources to New Mexico entrepreneurs seeking to start or grow a business.
The project taps into the expertise of New Mexico’s professionals to provide business advice on a wide range of topics. Articles published on this website are distributed statewide to municipalities, economic development organizations and associations where business owners gather, and to approximately 30 community newspapers, where they appear regularly.
Finance New Mexico’s Grow It! initiative puts business resources directly into the hands of New Mexico entrepreneurs when they register or re-register their company with their city, town or village. And in partnership with the statewide business calendar (known as the Biz Calendar), Finance New Mexico provides information on events including workshops, networking and business development opportunities.
The project was recognized as the Small Business Advocate of 2009 by the Greater Albuquerque Chamber of Commerce.
We appreciate the support of our generous sponsors, who are committed to building the economy of New Mexico through a robust private sector. We encourage you to learn more about these organizations.”
Small Business Administration (SBA)
The SBA provides a number of funding programs to small businesses–https://www.sba.gov/funding-programs. These programs are loans, investment capital, disaster assistance, surety bonds, and grants. As a small business it is important to understand the SBA resources available to your business.