U.S. Department of Commerce Invests $3.5 Million in CARES Act Recovery Assistance for Infrastructure Improvements and Business Capital Support in New Mexico
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $3.5 million in CARES Act Recovery Assistance grants to help the state of New Mexico prevent, prepare for, and respond to coronavirus.
“President Biden is committed to supporting New Mexico communities as they build back better from the coronavirus pandemic.” said Secretary of Commerce Gina Raimondo. “These EDA investments will provide infrastructure improvements needed to meet regional health care demands and critical gap financing for businesses to create stronger regional economies.”
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will support local businesses through building renovations and HVAC improvements and will support the capital needs of businesses in south central New Mexico.”
“Last year, when the Gila Regional Medical Center was experiencing major financial difficulties brought on by the pandemic, I fought alongside Congresswoman Xochitl Torres Small to expedite an accelerated advance Medicare payment of $6.8 million through the CARES Act that helped the hospital keeps its doors open and keep serving patients in southwest New Mexico,” said Senator Martin Heinrich, a member of the Senate Committee on Appropriations. “I'm pleased to see additional CARES Act support will allow GRMC to invest in critical HVAC improvements and keep its facilities staffed and fully operational. I’m also pleased to see LiftFund’s Las Cruces office receive CARES Act funding that strengthens opportunities for local businesses. I am confident that with this type of assistance and with all of the resources in the American Rescue Plan that President Biden signed into law last month, New Mexico’s health care providers and small business owners will have the help they need to recover and rebuild.”
“New Mexicans have been hit hard by the COVID-19 pandemic, and continued investments and relief are necessary to help our communities recover and rebuild,” said Senator Ben Ray Luján. “As a member of House Leadership, I was proud to help pass the CARES Act and deliver relief to every corner of New Mexico. These EDA investments will support our local businesses, create new jobs and opportunities, and bolster local economies.”
The EDA investments announced today are:
- Gila Regional Medical Center, Silver City, New Mexico, will receive a $2.5 million EDA CARES Act Recovery Assistance grant to make roof renovations and HVAC improvements. The project, to be matched with $250,000 in local funds, is expected to retain 344 jobs and generate $62 million in private investment.
- LiftFund Inc., Las Cruces, New Mexico, will receive a $1 million EDA CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Doña Ana, Sierra, and Socorro counties. The project, to be matched with $250,000 in local funds, is expected to retain 74 jobs, create 61 jobs and generate $17.5 million in private investment.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.