Local Economic Development Act (LEDA)

Local Economic Development Act (LEDA) is sponsored by New Mexico Economic Development Department (NMEDD). The Local Economic Development Act (LEDA) program provides financial assistance to businesses expanding or relocating in New Mexico. It aims to create jobs, diversify the tax base, and provide incentives for business development.

Local Economic Development Act (LEDA) - NM Economic Development Department Ready to grow in New Mexico? Have comments or questions? We’re here to help.

Science and Technology Roadmap Event Invitation and Speaking Request Form Science & Technology Roadmap Roadmap to turn our research strengths into long-term economic growth and jobs.

Creative Industries Division (CID) Justice, Equity, Diversity and Inclusion (JEDI) Office Technology and Innovation Office (TIO) Food, Hunger, and Agriculture Program New Mexico MainStreet Program (NMMS) Office of International Trade (OIT) Outdoor Recreation Division (ORD) Technology and Innovation Office Helping you grow your technology-based business in New Mexico.

County Economic Summaries Job Training Incentive Program Funds training and upskill 398 workers in the first quarter of 2026.

Local Economic Assistance & Development Support (LEADS) Local Economic Development Act (LEDA) Healthy Food Financing Fund (HFFF) Creative Industries Division Creative Support Organization Grant Business Development & Expansion Grant Creative Industries Public Development Projects Technology & Innovation Office Technology & Innovation Grant Programs NM Science and Technology Business Startup Grant NM Small Business Innovation Research (SBIR) Matching Grant NM Entrepreneurship Programmatic Support Grant Outdoor Recreation Division Outdoor Recreation Trails+ Grant Quantum Technologies Award Funds up to $200,000 to early-stage companies.

Due April 30. Local Economic Development Act (LEDA) Job Training Incentive Program (JTIP) State Small Business Credit Initiative (SSBCI) NM Collateral Assistance Program (CAP) 2.

0 Technology and Innovation Business Assistance Program Outdoor Recreation Business Accelerator Business Incubator Certification Business Retention & Expansion Program (BRE) Certified Economic Development Organization (EDO) New Mexico MainStreet Program New Mexico Commercial Property Assessed Clean Energy Program (C-PACE) Strategic Site Readiness Program Preparing high-value sites for future economic development.

Local Economic Development Act (LEDA) Local Economic Development Act (LEDA) Under the Local Economic Development Act (LEDA) (5-10-1 to 5-10-13 NMSA 1978) the Economic Development New Mexico (EDNM) is granted authority to administer grants to local governments (municipality and/or county); to assist expanding or relocating businesses that are qualified entities that will stimulate economic development and produce public benefits pursuant to LEDA.

All grants are funded on a strictly reimbursement basis. EDNM targets economic development projects that comply with all legal facets of LEDA.

Additional consideration is given to project that demonstrate: Significant Community Impact and Support Rural and Underserved Areas of New Mexico Increased Wages and Job Creation Significant New Capital Investment Environmentally Sustainable Outcomes The department has designed and implemented a systematic, transparent approach to prioritizing projects that meet the over-arching goals of EDNM for financial evaluation and structuring.

These goals provide guidance for funding on project impact qualifications, application review criteria, and concentration factors.

A corporation, Limited Liability Company, partnership, joint venture, syndicate, association or other person that is one or a combination of two or more of the following: An industry for the manufacturing, processing or assembling of agricultural or manufactured products A commercial enterprise for storing, warehousing, distributing or selling products of agriculture, mining or having been manufactured An “Economic Base Employer”, which is defined as an employer who is deemed eligible for in-plant training assistance by EDNM’s Job Training incentive Program (JTIP) (Section 21-19-7 NMSA 1978) Any enterprise for the sale of goods or commodities at retail or for distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities A business in which all or part of the activities of the business involves the supplying of services to the general public or to governmental agencies or to a specific industry or customer, but not including businesses primarily engaged in the sale of goods or commodities at retail Program Application Requirements Access to the online application portal is extended to a qualified entity after an initial review of program eligibility and includes: Demonstration of financial soundness and readiness to proceed A signed Release/Authorization Form, including certification that the entity is current with all New Mexico and federal obligations Project scope of work, including use of requested funds 3 years of financial statements and/or pro forma, along with appropriate documentation (purchase agreements of land, loan approval, term sheets, infrastructure order, etc.) Job creation and salary/benefit information Project capital investment Completed economic impact data sheet Determine eligibility prior to invitation to apply Determine appropriate LEDA project amount Conduct due diligence, including commercial credit check Review the application and approve when complete Determine project feasibility, including financial analysis Develop Project Terms Sheet which identifies: security interest that is equal to the approved amount (i.e., letter of credit, mortgage, UCC filing, etc.); performance and “claw back” provisions; expected project leverage (private investment versus public funds requested); job creation timeline; and project starting head count Will provide a letter requesting the funds and indicating support for the project and that the project complies with community’s local LEDA ordinance Act as the fiscal agent for receipt of initial funds and subsequent disbursements/reimbursement of funds based on the department’s approval Track any outstanding LEDA balance remaining Provide job reports and ES903 obtained from the qualifying entity The purchase, lease, grant, construction, reconstruction, improvement or other acquisition or conveyance of land, buildings or other infrastructure Public works improvements essential to the location or expansion of a qualifying entity Loan guarantees securing the cost of land, buildings or infrastructure in an amount not to exceed the revenue that may be derived from the municipal infrastructure gross receipts tax or the county infrastructure gross receipts tax LEDA projects are effectuated by a project ordinance passed by the local community and may include: a signed project participation agreement (PPA) outlining the agreed-upon scope of work between the fiscal agent and the qualifying entity; a signed intergovernmental agreement (IGA) between the fiscal agent and the state; and a final security document.

All funding decisions are made by the EDNM secretary and governor based on staff recommendations and are final. Timeline is determined by the company decision process, the local government public meeting requirements and complexity of negotiations. Projects have been announced within 3 months of being placed in the Pipeline and have extended out 18-24 months.

If you have questions or need assistance with LEDA, please contact EDD’s regional rep in your area The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes.

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