Business Development & Expansion Grant

The Business Development & Expansion Grant is a funding initiative administered by the New Mexico Economic Development Department. The program supports the growth and advancement of established creative businesses across New Mexico. With a focus on strengthening the economic contributions of small enterprises, this grant aligns with the department’s mission to enhance economic opportunities and foster a supportive environment for business prosperity within the state. This recurring program targets for-profit creative businesses that have maintained operations for at least three years and are currently in good standing. Preference will be given to entities with fewer than ten employees, including part-time staff, and those situated in rural areas. These priorities are reinforced by statutory requirements mandating that at least half of the grant funds be allocated to rural and underserved businesses. The program also emphasizes support for projects benefiting small creative industries, which are further defined by NAICS codes provided in the grant's official appendix. Funding from this grant may be applied to various eligible uses that enhance a business’s operational capacity and market presence. These include inventory purchases, equipment upgrades, digital and promotional marketing efforts, modest infrastructure improvements achievable within a 12-month period, and technology or software enhancements. Projects that aim to improve the business’s ability to measure impact, engagement, and economic contributions are also permissible. Notably, grant funds cannot be used to hire full-time personnel. Applicants are expected to outline how they intend to leverage the grant funding to maximize return on investment. This emphasis on strategic use underscores the department’s interest in supporting scalable and impactful business improvements. Individual award amounts are anticipated to be up to $25,000, though this figure is subject to change based on program considerations. The program is structured into two application cycles for Fiscal Year 2026. Cycle 1 will open on December 1, 2025, and close on December 26, 2025, at 6 p.m. Mountain Time. Cycle 2 will follow from February 2 to February 27, 2026, closing at the same time of day. However, businesses are allowed to apply during only one of these cycles within the fiscal year running from July 1, 2025, to June 30, 2026. Awards will be distributed based on the merit of proposals and alignment with program priorities. For more information, applicants may contact the New Mexico Economic Development Department by phone at (505) 827-0300 or via email at info@edd.nm.gov. Assistance is available in Spanish, and services are accessible to individuals who are deaf or hard of hearing via text communication at the same number.

Preference is given to businesses in rural areas and those with fewer than ten employees. Ensure alignment with creative industry categories defined in the statute and NAICS Appendix C.