New Grant Awards Announced Supporting 11 Economic Development Projects & 3 Solo-Entrepreneur Programs
The New Mexico Economic Development Department has announced the recipients of this year’s LEADS grants, as well as three organizations that will split $75,000 for their programs supporting entrepreneurs working from home, Cabinet Secretary Alicia J. Keyes announced today.
The Local Economic Assistance & Development Support Program (LEADS) supports economic development projects that produce positive outcomes. Projects may be awarded up to $25,000 on a cost reimbursement contract. Eligible applicants must be part of an economic development program, have passed the Local Economic Development Act (LEDA), and have an up-to-date plan that supports business development and job growth.
Recipients of LEADS grants in Fiscal Year 2020 resulted in: 100 new jobs in Rio Rancho; six new jobs created by entrepreneurs in San Juan County; two new outdoor recreation businesses in Farmington, after the city used its grant to renovate a downtown warehouse; five new businesses in Santa Fe; five rural counties received training specific to successful rural entrepreneurship resulting in 28 businesses accessing $312,600 in capital; 10 new food businesses in the South Valley; 422 new jobs in Doña Ana County, along with $14.9 million in new payroll; and 125 new jobs in Lovington created by a hemp production company.
“This type of collaboration between the Economic Development Department and our partners is crucial to help communities across the state create jobs and support businesses,” Keyes said. “There is a new era of entrepreneurship in New Mexico and we are seeing it in these strong ideas that can now move forward with LEADS.”