Bill > SB62

This bill establishes the Office of Entrepreneurship and Innovation within the Economic Development Department of New Mexico. The office will support entrepreneurs by providing guidance on state resources and programs, advocating for access to capital and markets, offering technical assistance, and creating an "Entrepreneurship Capital Infusion Fund" to provide loans of up to $500,000 for start-up costs. The bill also creates an Entrepreneurship and Innovation Advisory Committee to oversee the loan application process and approve or disapprove applications. The bill appropriates $750,000 to fund the activities of the Office and $2 million to the Entrepreneurship Capital Infusion Fund for fiscal year 2024.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=62&year=23