The Office of Science and Technology at the New Mexico Economic Development Department (EDD) recently announced that grant funding is being made available for new science and tech start-ups.
“The business start-up grants can be used for profit companies in New Mexico in the science and technology fields with fewer than 50 employees,” EDD Cabinet Secretary Alicia J. Keyes announced.
The EDD is tasked with improving the quality of life in New Mexico by increasing economic opportunities and business climate. The new EDD-sponsored grants will total up to $10,000 each with the awarding of the grants dependent on execution of a contract and state-vendor approval.
Applicants must show they can create jobs or generate private investment. Interested applicants must be headquartered in New Mexico and submit a letter of good standing or a Certificate of Compliance with the State Taxation and Revenue Department.
“The Office of Science and Technology will provide grants for up to 10 companies and the funds will need to be used by June 30, 2020,” the EDD announcement read. “Awarded companies must seek out additional funding and provide a six-month and 12-month status report after receiving the grant.”
To qualify for a grant, a company start-up can be involved in the fields of aerospace, bioscience, cybersecurity, intelligent manufacturing or green and sustainable energy. The grants will be awarded based on the applicant’s ability to demonstrate they have a unique product or service to offer, a clear and compelling business proposition, a scalable product and business model, a capable team of co-workers and the potential to generate jobs, private investment and economic advantages to the state of New Mexico.
Grant applications can be found online and the submission deadline is Monday, Jan. 23.
Contact Myrriah Tomar, EDD director of the Science and Technology Office, at 505-827-0222 for information, or email her at Myrriah.tomar@.state.nm.us.
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