Economic Development
Attracting entrepreneurs and private investment opportunities is the primary goal of economic development. The federal government offers several programs to assist with this effort.
HUD Section 108 Loan Guarantees
The U.S. Department of Housing and Urban Development provides funds that can give the necessary leverage to entice and expand private investment and attract entrepreneurs and industrial businesses to New Mexico cities.
Community Development Block Grant Program
The Community Development Block Grant Program promotes economic development and job creation by providing assistance to cities. The CDBG program aims to improve the economy on a local level by providing financing and other assistance for local economic development initiatives.
EDA Revolving Loan Funds
The Economic Development Administration's Revolving Loan Fund (RLF) Program is designed to promote new lending activity in local economic development initiatives. These funds are allocated to various not-for-profit corporations throughout the state, and are re-loaned as initial borrowers repay their debt. RLF projects target small business creation and development, business and job retention, and the promotion of new high-tech industries.
For more information:
Economic Development Administration
Economic Development Representative
P.O. Box 2662
Federal Building, Cathedral Pl.
Santa Fe, NM 87504
(505) 988-6557
Business and Industrial Loan Guarantees
Administered by the Rural Economic and Community Development (RECD) service within the Department of Agriculture, the B&I Loan Guarantee program's main objective is to improve the economic conditions of rural areas by aiding public, private, or cooperative organizations who seek loans for economic development purposes.
Intermediary Relending Program
The purpose of the IRP program is to finance economic growth and business development in rural areas by making loans available of up to $150,000 to business facilities and community development projects.
Rural Business Enterprise Grants
The Rural Development mission area of the U.S. Department of Agriculture provides federal grants to local governments and private non-profit corporations for the purpose of facilitating development of small, private business firms in rural areas.
EDA Public Works Programs The Economic Development Administration awards public works grants to promote job creation and investment in local communities. Funds from this program could be used to build the infrastructure for industrial parks, for example.
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