What is the NMFA Business Recovery Grant Program?

What is the NMFA Business Recovery Grant Program?

November 29, 2021

Small businesses in New Mexico need to quickly take advantage of the $200 million available in the New Mexico Finance Authority (NMFA) Business Recovery Grant Program. Has your small business or nonprofit organization experienced financial hardship due to the COVID-19 health crisis? 

Thousands of small businesses have struggled to make ends meet and faced permanent and temporary closures throughout 2020 and 2021, but it appears many business owners are not aware of the grant program as the NMFA has experienced a lower-than-expected response. With the December 7 deadline fast approaching, now is the time to apply for the grant. Assess your business’s eligibility, grant funding estimation, and begin your application process on the NMFA grant portal» 

Highlights of the NMFA Business Recovery Grant Program include: 

  • Grant award of up to $100,000 for New Mexico business by location 
  • Priority given to businesses that experienced the greatest revenue decline from 2019 to 2020 
  • Awards based on: 
    • Number of Full Time Equivalent (FTE) employees added after April 1, 2021 
    • Revenue loss from 2019 to 2020 
    • Average wages 
  • Grant funds may be used for reimbursement of rent, lease, or mortgage payments made for the building occupied by the business 

To be eligible, a business must: 

  • Operate in the state of New Mexico 
  • Report wages to the New Mexico Department of Workforce Solutions 
  • Have at least one employee or fewer than 75 employees per location (full and part-time) 
  • Have reduced staff or staffing hours during the health crisis and be in pursuit of re-hiring positions or increasing staff hours 
  • Have experienced (and be able to demonstrate) a decline in revenue from 2019 to 2020 
  • Have a rent, lease, or mortgage on the business property 

Grant amounts are said to be calculable by the below equation: 

Grant Amount = (Base Grant Amount + Wages) x (number of new FTEs) 

The Base Grant Amount starts at $10,000 per FTE, with a wage bonus of $1,000 to $2,000 for wages above the threshold of $13/hour. 

Reminder: Applications are due Tuesday, December 7, 2021 

Grants will be prioritized and awarded after this date. 

Visit nmfinance.com/recovery to begin assessing eligibility, utilizing the grant funding estimation calculator, and to apply. Trusted advisors from REDW are standing by to help determine how your business may meet qualifications, guide you through the application process, and to answer any quick questions you may have. Please reach out below, we welcome your questions. 

Stay connected with REDW on LinkedIn, or @REDWLLC Twitter. Access other updates on the REDW COVID-19 Resource Hub.

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