Local Economic Development Act (LEDA)
Local Economic Development Act (LEDA) supports businesses and local governments with expansion, relocation, and rural industrial infrastructure projects that create jobs and public benefits in New Mexico.
Funder: New Mexico Economic Development Department
Due Dates: Application by invitation after eligibility review
Funding Amounts: Project-specific award determined through economic impact review; typical project term 5–10 years
Summary: LEDA supports business expansion, relocation, and rural industrial infrastructure projects that create jobs and public benefits in New Mexico.
Key Information: Business awards require security equal to the award and reimburse eligible expenses only after local approval and performance milestones.
Description
The Local Economic Development Act (LEDA), administered by the New Mexico Economic Development Department (NMEDD), provides grants through local governments to help qualified businesses expand or relocate in New Mexico. Municipalities and counties act as fiscal agents, managing public approvals and disbursing reimbursements. Support focuses on land, buildings, infrastructure, and public works essential to business location or expansion.
The program prioritizes significant community impact and support, rural and underserved areas, increased wages and job creation, substantial new capital investment, and environmentally sustainable outcomes. Awards operate through negotiated performance milestones and repayment protections. Municipal LEDA also supports local governments preparing publicly owned industrial parks in rural communities for development.
