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NM expends $100 million

SANTA FE — The New Mexico Finance Authority expended $100 million in Small Business CARES Relief Grants to 6,642 small businesses throughout the state, according to an authority release.

The $100 million originated from a $319 million aid package for New Mexico, and was authorized during the New Mexico Legislature’s special session in November. The grants went to businesses and industries in the state experiencing severe economic impact due to the pandemic. A total of 14,125 grant applications, totaling $156 million, were received during the Dec. 7-18 application period. The NMFA reported 60% of the grants went to urban areas and 40% to rural areas, with grants ranging from $2,000 to $15,000.

“Thousands of New Mexico small businesses will be receiving this essential financial assistance,” Gov. Michelle Lujan Grisham said in the release. “And we have more work to do to ensure entrepreneurs, business-owners and workers all throughout our state are supported in these difficult times. The state of New Mexico will always step up to protect our own.”

The authority did not have a breakdown of recipients available following an inquiry from The News.