New Mexico Black owned, women, Latino, LGBTQ and other minority owned (or run) businesses can get financing from various loan or free grant programs. There banks, non-profits and lenders listed below that are issuing funds. The list of grants and loans is updated daily. The funds are for any small to mid-sized business in New Mexico, but some of the money will be designated for minority, veteran, and also women businesses. Find MWBE focused business grants or loans in NM.
Each of the financial assistance programs has its own an application process with terms and conditions needed. The amount of funding will vary. There may be funds to help a small business grow its sales or maybe help them keep their “doors” open. The banks, non-profits, corporations and government agencies will always allocate a certain amount of loans and grants for Latino, Black, women owned and other disadvantaged businesses.
While most of the small business loans and free grants are for companies in Albuquerque as well as Santa Fe, assistance is available across the state. The grant programs and loans for BIPOC (Black, Indigenous, People of Color) as well as MWBE-owned businesses also often come with free counseling and business advice.
Small business loans and free grants for women or minorities in New Mexico
Any business in New Mexico can apply for funds. But the lenders and/or programs listed below will allocate a certain amount of funds to minority companies, including Black Owned, LGBTQ. Latino, Asians, and other groups. Women owned companies in the state can also get assistance.
May and June 2025
Albuquerque’s Tourism Grant Program is providing grants of up to $100,000 for tourism focused businesses in the city of Albuquerque. This is often an annual grant program aimed at increasing the tourism industry in the area as well as general economic stability with applications here. https://www.visitalbuquerque.org/tourismgrants/
December 2024 and January 2025
NM businesses impacted by a disaster, mostly recently wildfires, can apply for free grant money from the Federal Home Loan Bank of Dallas. Up to $1,000,000 will be issued in aggregate with each qualified business able to get up to $20,000. Disadvantaged businesses, including MWBE and Native American, are encouraged to apply to the Small Business Recovery Grant (SBRG), and more details are here. https://www.fhlb.com/library/press-releases/2024/federal-home-loan-bank-of-dallas-offers-1-million
September and October 2024
The Window to Opportunity grant program in Albuquerque will help businesses as well as non-profits that were impacted by Vandalism. Applicants need to have a physical local and have been impacted, with much of the money flowing to businesses owned by people of color. Up to $5,000 is given to each business. Find applications here. https://abqedd.com/windowgrant/
July 2024
Lincoln County and Ruidoso small businesses that have been impacted by the recent disasters (fires and/or floods) can get low cost and/or interest free SBA loans. The money is aimed at helping businesses recover from the recent events, to pay the bills, and keep payroll growing. The SBA loans are also for Native Americans in the region, and apply here. https://lending.sba.gov/
April and May 2024
Northern NM businesses can get a free grant from Regional Development Corporation. Up to $3,000 from the Micro-Grant Fund can be provided to small businesses that will invest money and grow in the community. Applicants can be women, minorities, immigrant, veterans or owners of any gender, faith or religion. Apply here. https://www.rdcnm.org/microgrant-fund
November and December 2020
New Mexico Finance is providing up to $100 million dollars in small to mid-sized business grants to companies located throughout the state. Some of those government funds will be reserved for minority, female, and veteran owned businesses. This includes Black, Latino, immigrant, Asian, and Native American owned businesses. Applying businesses need to have fewer than 100 employees and have been impacted by COVID. All financial assistance is first come – first served. Apply here. https://www.nmfinance.com/
August 2020
New Mexico launches loan fund for small businesses. The $400 million Small Business Recovery Loan Fund also allocates funds for Black, Hispanic, and other minority groups and is run in partnership with Century Bank. https://www.santafenewmexican.com/news/coronavirus/new-mexico-launches-loan-fund-for-small-businesses/article_93a26838-d738-11ea-8a21-434942e16ddc.html
By Jon McNamara
