Technology & Manufacturing (TEAM) Fund
The Regional Development Corporation (RDC) seeks to sustain and further develop businesses in Northern New Mexico by offering no-interest loans to technology and manufacturing-based companies to assist with job creation and diversify the region’s economy.
Purpose: The Regional Development Corporation’s Technology and Manufacturing Fund (TEAM) is a no-interest loan fund available to technology (creators) 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 matching funding needed from another source. 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 in February 15, 2021, and the application deadline is no later than 5:00 pm on March 15, 2021. Applicants must attend a mandatory TEAM Fund Information Session through Zoom on February 24, 2021. RDC is hosting a recommended webinar on March 3rd, through Zoom entitled "Finding and Seizing Business Resource Opportunities".
Award Size: Up to $20,000.00
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. Priority will be given to those not previously awarded.
Be a for-profit company with a business license and a business bank account.
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.
Have attended the mandatory TEAM Fund Information session through Zoom on February 24, 2021
*Note: “technology” implies that the company’s revenue comes from technology 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 a competitive process. 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 (examples: inventory, rent, utilities) or salaries. Full or a partial amount of the total funding request may be awarded. Each proposal must describe a needed project that will advance the commercial progress of the company, increase revenues, and/or add jobs. The funding request must detail the products, services, or specialized equipment and costs needed to complete the project. Payment is not made upfront, but is only made once purchases are approved and completed.
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 will be available for download on this page on February 15th. Register for the TEAM Fund webinars on February 24th and March 3rd. Application upload instructions will be given at the February 24th info session.
For Questions: contact Danny Maki, Business Retention and Expansion Program Manager, at Danny@rdcnm.org or by phone (505) 690-0988.
Note: You must have a current version of Adobe Acrobat or Adobe Acrobat Reader to complete the fillable PDF application. Email firstname.lastname@example.org if you need assistance.