Opportunity Enterprise Revolving Fund

Upcoming Opportunity Enterprise Review Board meetings: The dates of upcoming Opportunity Enterprise Review Board meetings will be posted as soon as meetings are scheduled. The next meeting will be held in early 2023.

 

Notice of Proposed Rulemaking

The New Mexico Opportunity Enterprise Review Board will hold public hearings to obtain input and public comment on rules proposed pursuant to the Opportunity Enterprise Act, Section 6-34-7 NMSA 1978.

The public comment hearings will be conducted virtually via Zoom; the public may attend either or both hearings using the following methods:

Friday, March 3, 2023 from 10:00 – 11:00 a.m.

Zoom meeting link: https://us06web.zoom.us/j/89242811651?pwd=alBxeHFmazNUQUFDUVVnN1k1NjlMUT09

Meeting ID: 892 4281 1651

Passcode: 302709

To join the meeting by phone dial:

+17193594580,,89242811651#,,,,*302709# US

+17207072699,,89242811651#,,,,*302709# US (Denver)

Find your local number: https://us06web.zoom.us/u/kv50FLsno

Tuesday, March 7, 2023 from 3:00-4:00 p.m.

Zoom meeting link: https://us06web.zoom.us/j/85075940948?pwd=RkpKR3dvTEFTMURZU3hjTnZ5SFVoQT09

Meeting ID: 850 7594 0948

Passcode: 456523

To join the meeting by phone dial:

+17193594580,,85075940948#,,,,*456523# US

+17207072699,,85075940948#,,,,*456523# US (Denver)

Find your local number: https://us06web.zoom.us/u/kerIaF7kEj

Notice of Rulemaking and proposed Rule

Opportunity Enterprise Act, Section 6-34-1, et seq, NMSA 1978

Invitation for Public Comment

Proposed Application Prioritization Criteria

The Opportunity Enterprise Review Board, New Mexico Finance Authority, and New Mexico Economic Development Department are developing rules, policies, and program guidelines for the Opportunity Enterprise Revolving Fund. Included in this process is the development of the prioritization criteria by which applications will be reviewed and scored.

We are seeking public comment on the proposed application prioritization criteria for the Opportunity Enterprise Revolving Fund. If you are interested in providing public comment, please review the draft prioritization criteria below and use the corresponding link to provide comment. 

 PROPOSED APPLICATION PRIORITIZATION CRITERIA

ONLINE FORM FOR PUBLIC COMMENT

 

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 will adopt 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 quarterly to provide recommendations for project funding.

The first meeting of the Opportunity Enterprise Review Board was held on August 24, 2022. The Board is in the process of creating the rules for the program, the application process, and the 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 NMFA Opportunity Enterprise mailing list here.

Resources

Opportunity Enterprise Act Overview
House Bill 7