Opportunity Enterprise Revolving Fund

About

The Opportunity Enterprise Revolving Fund was created by the New Mexico Legislature in 2022 to increase economic activity in the state by providing financing for new or existing commercial facilities to attract businesses to New Mexico communities and allow existing businesses to expand their operations.

Governed by the Opportunity Enterprise Board in partnership with the New Mexico Economic Development Department and administered by the New Mexico Finance Authority, the Opportunity Enterprise Revolving Fund aims to alleviate the lack of adequate commercial facilities in New Mexico communities by providing financing to build, purchase, or lease buildings, and funding for operating support to maintain and improve existing buildings.

The Opportunity Enterprise Revolving Fund will provide financing for projects that advance the economic development goals of the program. These economic goals will be determined by the Opportunity Enterprise Board in collaboration with EDD and may include job creation, provision of needed services and goods to diverse communities across the state, and others.

The Opportunity Enterprise Board comprises twelve members, including six appointed members with finance and construction development expertise and six ex-officio members from relevant state departments. The Opportunity Enterprise Board has adopted rules to govern the application procedures and requirements, establish economic goals, determine prioritization and selection guidelines, and provide safeguards to protect the fund. Once the program is implemented, the Opportunity Enterprise Board will meet at least quarterly to provide recommendations for project funding.

The first meeting of the Opportunity Enterprise Review Board was held on August 24, 2022. The Opportunity Enterprise Review Board created rules and policies for the program, incorporating public comment into both. The Opportunity Enterprise Review Board, New Mexico Economic Development Department and NMFA are currently developing the application and timeline for launching the program.

Please check back for more information about the Opportunity Enterprise Fund. To receive information once it’s available, please join the Opportunity Enterprise mailing list here.