New Mexico Finance Authority: Local Economic Development Act (LEDA) Recovery Grants

The LEDA Recovery Grants were created by the State of New Mexico in the 2021 Legislative Session by House Bill 11 to provide $200 million in grant funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic. These grants are specifically tied to job creation, must be used as reimbursements of rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business.

Amount: Grants range up to $100,000 in total or $25,000 per quarter distribution.

Grant amounts are determined by two factors:
1) The rent, lease, or mortgage payments that a business makes for its building. The grant amount will never be more than the amount of these payments.
2) A calculation based on revenue decline combined with the number and type of jobs created by the business (see New Mexico Finance Authority website for more details).

Eligibility:
* A business or nonprofit operating in New Mexico
* A business that has at least one but fewer than 75 full-time or part-time employees employed at any of the business’s locations
* A business that is current on all state and local tax obligations, and
* A business that experienced a decline in business revenue between comparable quarters in taxable years 2019 and 2020

Deadline: June 15, 2021

Resource Information
Funder New Mexico Finance Authority
Eligibility For Profit Organization, Nonprofit Organization
Resource URL: https://www.nmfinance.com/leda-recovery-grants/
Sector Community Development, COVID-19 Emergency Response
Grant Amount $0-$100,000
Deadline Closed