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.
Who can apply for a LEDA Recovery Grant?
- 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
When will the application be open?
- The application will is expected to open May 11, 2021 and close June 15, 2021. All applications must be received no later than June 15, 2021.
The grant applications will be prioritized and grants will be awarded after June 15, 2021. The grants will be awarded based on the prioritization, not on a first-come, first-served basis.
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