State receives 74 million dollars for business financing | Local News

The New Mexico Department of Economic Development has received $74.4 million in federal funds that it will use for two different purposes to help small businesses over the next 10 years, with the goal of “promoting fairness, catalyze private investment and fuel economic growth and good jobs”. “

The EDD said on Thursday that it had been informed on Tuesday of the funding from the US Treasury Department. The American Rescue Plan Act signed in March 2021 was the funding mechanism for the State Small Business Credit Initiative.