NM Economic Development Department | Resource Tool for Start-up and Small Businesses in New Mexico

The NM Economic Development Department helps businesses and communities thrive through numerous tax and hiring incentives and support programs such as JTIP, ISO 9000, Office of International Trade, LEDA, loan programs, tax incentives and much more.

Type of Businesses Served: All Businesses

Stage of Businesses Served: All Stages

Programs and Resources:

Collateral Assistance Program helps creditworthy small businesses obtain a loan that they might not otherwise qualify for. NMEDD can pledge cash to cover a collateral shortfall of a loan to enable financing. Business owners apply through a bank, which inititates the loan. WESST, DreamSpring, The Loan Fund, and Century Bank are a few of the lenders that are authorized to participate in the program.

JTIP is the state’s Job Training Incentive Program, which funds classroom and on-the-job training for newly-created jobs in expanding or relocating businesses for up to six months. The program reimburses 40 – 75 percent of employee wages. Read more about JTIP and its affiliated program, STEP-UP, which helps companies adopt new technologies:

International Trade office helps businesses expand their market outside U.S. borders by providing one-on-one consultation, workshops and trade missions. The office is part of a network of foreign trade offices and can help businesses generate qualified trade leads, locate buyers and distribution partners, and support the recruitment of foreign direct investment to New Mexico. Reverse trade missions bring visiting foreign trade and investment delegations to the state.

ISO 9000 is the state’s training program to help businesses procure the ISO 9001:2008 certification that is critical to winning big contracts and doing business with privately held national and international companies. Offered in partnership with the New Mexico Manufacturing Extension Partnership, ISO 9000 workshops can make the certification process easier and cheaper than if a company were to pursue certification on their own.

State Helps Businesses Obtain Certification That Puts Major Contracts Within Reach

Tax incentives are also provided to encourage development of specific industries and/or business activities, such as manufacturing, angel investment, research and development, agriculture, advanced or renewable energy, border locations, high-wage jobs, rural jobs and more.

Community Development benefits businesses by providing municipalities with programs to build community infrastructure that supports business growth. Programs include the Local Economic Development Act (LEDA), which assists communities with developing a strategic economic development plan; Certified Communities Initiative (CCI), which provides up to $5,000 of contractual funding for three years for eligible projects; Arts Cultural District designations, which support New Mexico’s unique art and cultural heritage through promotional resources; and New Mexico MainStreet, which provides resources, education, training and services that preserve and enhance local main street and downtown revitalization.

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