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Technology & Manufacturing (TEAM) Fund

RDC’s Technology and Manufacturing (TEAM) Fund offers no-interest loans to manufacturing and technology-based companies. The fund supports growth-oriented companies who are on track to add jobs, grow revenues, and attract additional funding/investment.

Our goal is to sustain and assist developing businesses in Northern New Mexico with job creation and diversifying the region’s economy.

AWARD SIZE:
Up to $20,000.00

IMPORTANT DATES:

  • Application process opens: The annual application process is expected to open February 2023

  • Applications due: One month after the application process opens

  • Mandatory TEAM Fund Info Webinar: Date will be announced in early 2023

ELIGIBILITY:

  • For-profit Manufacturing or Technology** business

  • Headquartered in either Los Alamos, Mora, Rio Arriba, San Miguel, Sandoval, Santa Fe, or Taos County

  • Business license, CRS#,  FEIN# and a business-only bank account

  • Preference given to those not previously awarded

  • Funds to be used to:

    • Procure needed business equipment

    • Purchase consulting services

    • Purchase specialized software

 

**Note: “Technology” here refers to innovation (often protected by trade secret, “know-how,” or intellectual property) and is not a reference to a business that uses technology or provides a non-proprietary technology service such as web development.


REQUIREMENTS:

  • Attend Mandatory TEAM Fund Info Webinar 

  • Demonstrate matching capital
    (At least 100% secured within past 6 months of applying or will be secured before the award is received. “Sweat equity” does not qualify)

  • Outline specific purchases that will be made within 6 months from award date

  • Submit a TEAM Fund application by the deadline


AWARD GUIDELINES:

  • Funds are awarded through a competitive process.

  • Applications will be reviewed and scored by an independent review panel.

  • Award is not available for general development work, general working capital (ex: inventory, rent, utilities, materials), or salaries.

  • Gambling, tobacco, or illegal activities will not be funded.

  • Each proposal must describe a critical project that will advance the commercial progress of the company, increase revenues, and/or add jobs.

  • The full or a partial amount of the total request may be awarded.

  • Funds are awarded after purchases are completed and paid receipts approved.  

  • Businesses selected for this award do not give up any equity by accepting funding, and are not required to provide collateral or a personal guarantee.


SELECTION PROCESS:  

  • Only proposals that meet the eligibility requirements will be evaluated

  • Evaluation conducted by Independent review panel of local and regional business experts.

  • Evaluation criteria based on potential to create new jobs, increase or diversify revenues for the company, and ability to demonstrate that matching funds have been or will be secured.


REPAYMENT:

  • Repayment plan will be discussed when project is complete (6 months after award)

  • Awardees will be obligated to immediately repay any unpaid amount of the loan if they relocate out of state or sell the business within 3 years of the date of the award.

 
HOW TO APPLY?

  • Sample application for review, download here.

  • After the application process opens, an online application link will be emailed to applicants who have attended the Mandatory TEAM Fund Information Webinar 


QUESTIONS:
Contact Carla Rachkowski, Director of Operations, if you have questions: Carla@rdcnm.org, (505) 901-7019


The TEAM Fund is made possible due to generous support from:


 

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