New Mexico FundIt Federal-State Partnership Offers One-Stop Funding for Community Projects

New Mexico has launched a program called FundIt that brings together state and federal agencies with local officials in order to help communities in the state get complete funding for their projects.

Gov. Martinez announcing NM FundIt program

Gov. Martinez announcing NM FundIt program (photo – NMEDD)

This one-stop funding program provides a centralized location to obtain financing from start to completion for projects that will help with their job creation efforts and assist small business development.

Communities undertaking infrastructure projects will be able to vet their project in front of multiple state and federal infrastructure funding agencies simultaneously.

The federal and state agencies that are participating in the FundIt program will work together to analyze and compare proposals such as downtown revitalization, industrial parks, business incubators, housing projects and infrastructure development.

Federal agencies including the SBA, USDA and HUD will coordinate funding for FundIt projects with the New Mexico Departments of Transportation, Environment, Finance and Administration, the Mortgage Finance Authority and the NM Finance Authority.

Projects will also be submitted by the Council of Governments (COGs), the NM MainStreet program and regional representatives of the NM Economic Development Department.

The plan to create this one-stop funding group came from the New Mexico Rural Economic Development Council, which was restored to assist smaller communities in the state improve their economic development efforts.

This FundIt program is one of the components of New Mexico’s plan for “Rural Renaissance” and has been included as a part of the state’s five-year economic development strategic plan.

Announcing the program, Governor Susana Martinez said that it is important, especially for New Mexico’s rural communities, to be able to identify funding for projects that will help grow jobs and improve the quality of life for residents.

The Governor said they want to help by making the process more effective by bringing all the players in one place instead of making communities go to each agency separately for piecemeal financial support.

New Mexico Economic Development Cabinet Secretary Jon Barela said the FundIt initiative will save communities and small businesses time, helping them focus on creating jobs instead of navigating a maze of government agencies.

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