Applications are now being accepted by the New Mexico Small Business Assistance (NMSBA) Program, which provides New Mexico small businesses facing technical challenges access to the unique expertise and capabilities of Los Alamos and Sandia national laboratories. At no cost to the business, small businesses can seek assistance from lab scientists and engineers to solve challenges and overcome barriers to company success.
Continue readingCategory Archives: New Programs, Open Opportunities and Announcements
BizSprints: Targeted Business Acceleration
BizSprints are free accelerator programs that offer one-on-one consulting sessions, expert speakers, and supportive advisors that guide participants through exploring potential new markets. Some Sprints also offer guidance to expand digital footprints and obtain capital funding.
Continue readingPropel Your Innovation
The New Mexico SBIR/STTR Innovation Summit will be held virtually on December 15, 2021, from 8:30 AM to 4:30 PM MDT. The Summit brings together small businesses, federal program managers, defense representatives, experts, and local organizations vested in driving innovation through the SBIR and STTR programs. The event offers opportunities for entrepreneurs to discuss their innovations with experts in one-on-one meetings.
Continue readingEIDL Program Begins to Wind Down
Business owners and nonprofit organizations can apply for the SBA Economic Injury Disaster Loan (EIDL), which provides financial assistance for small businesses to meet financial obligations and operating expenses that could have been met had the COVID-19 disaster not occurred. The deadline to apply is December 31, 2021; however, the SBA has issued application guidelines to ensure that everyone who could benefit from the program is able to access it before it ends.
Continue readingNMSBA Program Demystified
Northern New Mexico business owners can learn about the New Mexico Small Business Assistance Program (NMSBA) on December 14 at Project Y in Los Alamos. The event is one of many that have taken place across the state this year and that will continue into 2022. NMSBA program managers provide details about the free business assistance that ranges from testing, research, and development of new products and technologies to manufacturing advice provided by scientists at New Mexico’s national laboratories and NMSBA partner organizations.
Continue reading‘Tis the Season
New Mexico businesses rely on the support of local consumers all year, but the holidays are especially critical for many small and local merchants, particularly those on Main Street. Customers who shop locally support small community businesses and the people who work for them. They also keep tax money in the community, where it can be recycled and multiplied to pay for first responders, parks, and community centers. It’s an important proposition because many cities, towns, and villages derive as much as 85 percent of their annual revenue from gross receipts tax (GRT) proceeds.
Not sure where to start your holiday shopping? A number of organizations have created lists of locally-made products and vendors. Here are a few:
Continue readingNew Mexico Tax Holiday Coming
State law encourages holiday shoppers in New Mexico to buy from local merchants on the Saturday after Thanksgiving by providing a one-day gross receipts tax (GRT) exemption on qualifying purchases under $500. The law gives locals an incentive to support small, independent storefront retailers. For small businesses that have 10 or fewer employees, it’s a chance to give customers a discount without giving up revenue.
Continue readingRecovery Grant Program Coming to an End
The New Mexico Finance Authority, which manages the state’s Small Business Recovery Grant program, is accepting applications until December 7, 2021.
The pandemic recovery grant program was authorized by the New Mexico Legislature in the 2021 regular session to assist businesses that suffered financial hardship during the pandemic. Grants are tied to job creation, and funds must be used as reimbursements of rent, lease or mortgage payments.
Continue readingGEW Events Aim to Spark Entrepreneurship
Tens of thousands of events take place worldwide during Global Entrepreneurship Week November 8 through 14. In New Mexico, GEW takes place until Nov. 19, with workshops, presentations, and other events that aim to support idea generation and new business activity.
Continue readingConfused About Gross Receipts Tax Changes?
Effective July 1, 2021, New Mexico changed Gross Receipts Tax (GRT) regulations to “destination sourcing,” which requires most businesses to calculate and report GRT based on where their goods or the product of their services are delivered. Prior to July 1, New Mexico used “origin-based sourcing” in which most GRT was reported at the seller’s place of business.
To help businesses navigate the new rules, the Economic Development Department is hosting a webinar by the New Mexico Taxation and Revenue Department to provide insight and answer questions about how businesses can comply.
Continue reading