Local Economic Development Act (LEDA)
Local Economic Development Act (LEDA) supports businesses and rural communities in New Mexico by funding relocation, expansion, and industrial infrastructure to create jobs and public benefits.
Funder: New Mexico Economic Development Department
Due Dates: Application by invitation following eligibility review
Funding Amounts: Project-specific award determined by the department; typical project term of 5–10 years
Summary: LEDA supports business relocation, expansion, and rural industrial infrastructure in New Mexico to create jobs and public benefits.
Key Information: Funding is reimbursement-only, and businesses must provide security equal to the approved LEDA amount.
Description
The Local Economic Development Act (LEDA), administered by the New Mexico Economic Development Department, supports public-private partnerships that recruit and expand businesses creating jobs in New Mexico. Grants flow through local governments acting as fiscal agents and fund land, buildings, infrastructure, and essential public works needed for business location or expansion. Municipal LEDA also supports shovel-ready, publicly owned industrial parks in rural communities.
The department evaluates economic and community impact, project feasibility, and financial readiness. Additional consideration goes to projects demonstrating significant community support, benefits for rural and underserved areas, increased wages and job creation, substantial new capital investment, and environmentally sustainable outcomes. Business projects operate through negotiated performance milestones, with reimbursement tied to meeting those benchmarks.
