Los Alamos Reporter

Regional Development Corporation Announces No-Interest Loans To Technology and Manufacturing-Based Companies

RDC NEWS RELEASE

The Regional Development Corporation’s Technology and Manufacturing (TEAM) Fund offers no-interest loans to manufacturing and technology-based companies. The fund supports growth-oriented companies who are on track to add jobs, grow revenues, and attract additional funding/investment.

Our goal is to sustain and assist developing businesses in Northern New Mexico with job creation and diversifying the region’s economy.

AWARD SIZE:
Up to $20,000

IMPORTANT DATES:

  • Application opens: February 15, 2022
  • Proposals due: March 15, 5:00 pm
  • Mandatory TEAM Fund Info Webinar: March 1, 2022, 10:00 am.
  • Register here.

ELIGIBILITY:

  • For-profit Manufacturing or Technology** business
  • Headquartered in either Los Alamos, Mora, Rio Arriba, Sandoval, San Miguel, Santa Fe, or Taos County
  • Business license, CRS#,  FEIN# and a Business-only bank account
  • Preference given to those not previously awarded
  • Funds to be used to:
    • Procure needed equipment
    • Purchase consulting services
    • Purchase specialized software

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

REQUIREMENTS:
Attend Mandatory TEAM Fund Info Webinar: March 1st, 2022, 10:00 am.

Register here.

Demonstrate matching capital.
(At least 100% secured within past 6 months or will be secured before the award is received. “Sweat equity” does not qualify)

Outline a specific project with well-defined parameters that can be completed within 6 months from award date.

Submit a TEAM Fund application by March 15th, 5:00 pm.

AWARD GUIDELINES:
Funds are awarded through a competitive process.

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

Award is not available for general development work, general working capital (ex: inventory, rent, utilities), or salaries.

Each proposal must describe a critical project that will advance the commercial progress of the company, increase revenues, and/or add jobs.

The full or a partial amount of the total request may be awarded.

Funds are awarded after purchases are completed and approved.  

Businesses selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.

Gambling, tobacco, or illegal activities will not be funded.

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

Evaluation conducted by Independent review panel of local and regional business experts.

Evaluation criteria based on potential to create new jobs, increase or diversify revenues for the company, and ability to demonstrate that matching funds have been or will be secured.

REPAYMENT:
Optional repayment plans can be discussed

Awardees will be obligated to immediately repay any unpaid amount of the loan if they relocate out of state or sell the business within 3 years of the date of the award.

HOW TO APPLY?

  • Sample application for review beginning February 15, here.
  • Online application link to be emailed to applicants following Mandatory TEAM Fund Info Webinar on March 1st, 10:00 am.


QUESTIONS:
Carla Rachkowski, Director of Operations, Carla@rdcnm.org, (505) 901-7019