House Passes Bill Benefitting Local NM Businesses

House Passes Bill Benefitting Local NM Businesses

HB 356 Uses LEDA Funds to Create Jobs & Promote Local Businesses

Santa Fe, N.M. -Today, the House of Representatives passed House Bill 356, which uses Local Economic Development Act (LEDA) funds to increase local economic growth and create jobs. HB 356 sponsored by Representatives Rudy Martinez (D-Grants) and Daymon Ely (D-Corrales), targets $2 million in investment dollars specifically for resident businesses in both rural and urban New Mexico.

“When our small businesses thrive, our state thrives,” stated Rep. Martinez. “This piece of legislation prioritizes New Mexicans with investment dollars that will stay within our state and grow locally-owned businesses.”

“This bill invests and supports New Mexicans who are searching for the opportunity to put their ideas and hard work to the test by building a small business,” stated Rep. Ely. “If we are serious about growing our economy then we must continue investing in our local communities with legislation such as this.”

House Bill 356 adds the promotion of local businesses to the purposes of LEDA directing funds from NMEDD to supporting the expansion and retention of local businesses. 

House Bill 356 passed the House in a 43-22 vote and will be heard next in the Senate.