Regional Development Corporation announces interest-free loans to technology and manufacturing companies – Los Alamos Reporter

DRC PRESS RELEASE

The Regional Development Corporation’s Technology and Manufacturing Fund (TEAM) provides interest-free loans to manufacturing and technology companies. The fund supports growth-oriented companies that are on track to create jobs, increase revenues and attract additional financing/investment.

Our goal is to support and assist developing businesses in northern New Mexico with the creation of jobs and the diversification of the region’s economy.

PRIZE SIZE:
Up to $20,000

IMPORTANT APPOINTMENTS:

  • Opening of applications: February 15, 2022
  • Submission of proposals: March 15, 5:00 p.m.
  • Mandatory TEAM Fund Information Webinar: March 1, 2022, 10:00 a.m.
  • Register here.

ELIGIBILITY:

  • For-profit manufacturing or technology company**
  • Headquarters in Los Alamos, Mora, Rio Arriba, Sandoval, San Miguel, Santa Fe or Taos County
  • Commercial license, CRS#, FEIN# and a business-only bank account
  • Preference given to those not previously awarded
  • Funds to be used for:
    • Get the necessary materials
    • Purchase of consulting services
    • Buy specialized software

**Note: “Technology” here refers to innovation (often protected by trade secret, “know-how” or intellectual property) and does not refer to a company that uses technology or provides a technology service non-exclusive such as web development.

REQUIREMENTS:
Attend the mandatory TEAM Funds Information Webinar: March 1, 2022, 10:00 a.m.

Register here.

Demonstrate matching capital.
(At least 100% secured in the last 6 months or will be secured before the reward is received. “Sweat equity” is not eligible)

Describe a specific project with well-defined parameters that can be completed within 6 months of the award date.

Submit a request to the TEAM Fund before March 15, 5:00 p.m.

AWARD GUIDELINES:
Funds are awarded through a competitive process.

Applications will be reviewed and scored by an independent review committee.

The reward is not available for general development work, general working capital (eg inventory, rent, utilities) or salaries.

Each proposal must describe a critical project that will advance the company’s business progress, increase revenue and/or create jobs.

The total or partial amount of the total request can be granted.

Funds are allocated once purchases are completed and approved.

Companies selected for this award do not give up any capital when accepting funding and are not required to provide a guarantee or personal guarantee.

Gambling, tobacco or illegal activities will not be funded.

SELECTION PROCESS:
Only proposals that meet the eligibility criteria will be evaluated

Evaluation conducted by an independent review committee comprised of local and regional business experts.

Evaluation criteria based on the potential to create new jobs, increase or diversify the company’s income and the ability to demonstrate that matching funds have been or will be obtained.

REPAYMENT:
Optional repayment plans can be discussed

Recipients will be required to repay any outstanding loan amounts immediately if they move out of state or sell the business within 3 years of the date of award.

HOW TO REGISTER?

  • Example of request for review from February 15, here.
  • Online application link to be emailed to candidates Following Mandatory information webinar on the TEAM fund on March 1 at 10:00 a.m.

QUESTIONS:
Carla Rachkowski, Director of Operations, [email protected], (505) 901-7019

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