Technology & Manufacturing (TEAM) Fund
The Regional Development Corporation’s Technology and Manufacturing Fund (TEAM) is a no-interest loan fund available to technology-based and manufacturing companies. The fund supports growth-oriented companies who are on track to add jobs, grow revenues, and attract additional funding/investment. These companies have already secured or have a way to secure one half of the funding needed from other sources. Companies selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.
Important Dates: The application process for the next round of TEAM funding opens on February 1, 2020, and proposals are due on or before March 13, 2020.
Award Size: Up to $20,000 each.
Eligibility: Technology* or Manufacturing business of any size or at any stage may apply. Proposals relating to gaming, tobacco, or illegal activities will not be funded. Applicants must:
Be a for-profit company with a business license.
Be headquartered in Sandoval, Santa Fe, Los Alamos, San Miguel, Mora, Rio Arriba, or Taos county
Demonstrate that matching capital has been secured within the past 6 months or will be secured before the award is received. Time invested in the business or “sweat equity” does not qualify towards the financial match.
Have a specific project in mind with well-defined goals and tasks that can be completed within 6 months from the contract date.
Submit a TEAM Fund application on or before the published deadline.
*Note: “technology” implies that the company has an innovation (often protected by trade secret, “know-how” or intellectual property), NOT that the company uses technology or provides a non-proprietary technology service such as web development.
Award Guidelines: Funds are awarded through an annual competitive process several times each year. Applications must be submitted before the deadline and will be scored by an independent review panel. TEAM funds are not available for general development work, general working capital, or salaries. The full or a partial amount of the total request may be awarded. Each proposal must outline milestones/concrete tasks that the funding will help achieve and show how these milestones will sustain or advance the commercial progress of the company. Payment is not made upfront, but is only made once pre-agreed upon milestones/tasks are completed and approved.
Selection Process: Proposals that meet the eligibility requirements will be evaluated by an independent review panel of local and regional business experts. Proposals will be evaluated on their potential to create new jobs, increase or diversify revenues for the company, and demonstration that matching funds have been or will be secured.
How can I apply for funding?
The application process opens several times a year. The RDC will also be hosting a series of workshops throughout the region to share more information about how to submit the best possible application. Sign up to receive the RDC newsletter to stay up to date on the latest round of application opening dates, information sessions, and submission deadlines. Please contact firstname.lastname@example.org to learn more.