Cannabis Business Grant and Loan Opportunities
City of Las Cruces and State of New Mexico programs that can be used to fund cannabis retail businesses.
City of Las Cruces - Renovate Main Street Grant Program
This is a matching grant program will provide financial reimbursement for the improvement and rehabilitation of Main Street properties intended as storefronts of retail, restaurant, and entertainment for-profit businesses.
To be eligible, your business must be located with the boundaries of the Metropolitan Redevelopment Area (MRA). The area is bound on the north by Picacho Avenue, on the sast by Campo Street, on the south by the intersection of El Paseo Rd. and Main St., and on the west by Alemeda Boulevard. Click here for a map.
- Accessibility improvements
- Energy conservation improvements
- Electrical work
- Fire alarm system
- Fire sprinkler system installation or upgrade, including any needed water service improvements
- Heating, ventilation, or air conditioning
- Restoration of building such as ceilings, light fixtures, and floors
- Utility services upgrades, including water and sewer
- Other infrastructure improvements, as approved, with a significant impact on the building owner’s ability to attract highest and best use of tenants and/or increase sales for current tenant
- Repair and restoration of architectural detail, including façade improvements
- Material costs
- Window repair
- Masonry work
- Repair and replacement of signs and awnings
- Roof repair
- Green Infrastructure
- Other infrastructure improvements, as approved, with a significant impact on the building owner’s ability to attract highest and best use of tenants and/or increase sales for current tenant.
State of New Mexico MicroBusiness
On November 30, 2021, the New Mexico Finance Authority Oversight Committee approved the Cannabis Microbusiness Program, a new $5 million program that will offer affordable loans to licensed cannabis microbusinesses. Click here to apply
- Loans up to $250,000 will be available
- Interest rates will be 2% to 3% depending on amount of loan
- The loans are aimed at capital initiatives, including the purchase, rental or creation of buildings and greenhouses; lighting, security and irrigation systems; and payments for utilities and marketing efforts.
- The loan will be targeted at rural and impoverished communities, as well as minority business owners.
Additional language from the Rules Governing the Cannabis Microbusiness Program Under the Statewide Economic Development Finance Act and approved by the New Mexico Finance Authority Oversight Committee on Nov. 18, 2021:
On April 12, 2021, Governor Michelle Lujan Grisham signed into law the Cannabis
Regulation Act, NMSA 1978, Section 26-2C-1 et seq. (“CRA”), which creates a comprehensive licensing, taxing and enforcement regulatory structure for adult use cannabis in the State that will be administered by the Cannabis Control Division (“CCD”) of the Regulation and Licensing Department (“RLD”).
The New Mexico Finance Authority (“NMFA”), pursuant to the provisions of the Statewide Economic Development Finance Act, NMSA 1978, Section 6-25-6 (“SWEDFA”), is granted certain powers enabling it to provide financial assistance to eligible entities from the Economic Development Revolving Fund.
The NMFA, pursuant to SWEDFA’s economic development goal provisions, NMSA 1978, Section 6-25-3(F), is granted authority to provide financial assistance to rural and underserved areas designed to increase business activity, including agricultural projects that add value to New Mexico agricultural products, attract new business and create and promote an environment suitable for the support of start-up and emerging businesses in the cannabis industry.
The NMFA will administer these rules in compliance with the social and economic equity mandate under the CRA and 18.104.22.168 NMAC, which promotes and encourages full participation in the cannabis industry of (i) representatives of communities that have been disproportionately harmed by rates of arrest through the enforcement of cannabis prohibitions; (ii) representatives with racial, ethnic, gender, geographic diversity; (iii) rural communities likely to be impacted cannabis production; and (iv) agricultural producers from economically disadvantaged communities.
These rules govern the implementation and administration of the Cannabis Microbusiness Program as authorized by NMSA 1978, Section 6-25-6(D), and do not apply to other programs established by the NMFA.