Business incubators can apply for grants of up to $150,000 under the state’s NM Incubator Certification Support (ICS) Grant Program. The program is open to all incubators across all sectors, including those in technology and innovation, officials said.
The Technology and Innovation Office of the New Mexico Economic Development Department administered the competitive grant. It aims to help non-certified business incubators to pass the requirements of the Certified Business Incubator program, EDD said in a statement released on Thursday, March 5.
The program, established in 2005, aims to strengthen the state’s entrepreneurial ecosystem by helping incubators meet the standards that support startups and small businesses.
A study by the International Business Innovation Association (INBIA) shows that nearly 87 percent — or about nine in 10 businesses — that graduate from incubator programs remain operational. And that every 50 jobs created by an incubator client could lead to about 25 additional jobs in the community.
Incubators have until April 2 to file their applications. A webinar for interested individuals will be held on March 18 at 1 pm MST.
More information, including webinar registration and application links, is available on the department’s website.