Udall, Heinrich Announce Nearly $800,000 For Economic Development In New Mexico

15 Oct 2014

Economic Development

U.S. Senators Tom Udall and Martin Heinrich announced more than $780,000 in federal funding for two projects to spur economic development in New Mexico. These funds, made available by the U.S. Economic Development Administration (EDA), will increase access to microloans for small businesses and support the renovation the iconic Santo Domingo Trading Post.

The EDA has awarded $270,000 to support the implementation of ACCION New Mexico’s Presto Loan program to promote and develop entrepreneurship throughout New Mexico. The program, which provides loans of up to $8,000, targets low-to-moderate income, minority, women, and veteran entrepreneurs. During its initial pilot program, ACCION provided consumers with 285 loans totaling $939,000.

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