ALBUQUERQUE, N.M. — The New Mexico Economic Development Department is offering grants of up to $100,000 to help innovative companies commercialize their technologies.
EDD announced Friday that it is accepting applications for Small Business Innovation Research grants until Oct. 19. The New Mexico SBIR Grant provides recipients with additional resources to commercialize technology developed with federal SBIR funding, according to a news release from EDD.
Phase I grants provide $25,000 to the companies that receive them, while Phase II grants provide $100,000. Award funds must be used for business development and must not duplicate items or activities funded by the federal SBIR award, according to the release.
To be eligible, companies must be headquartered in New Mexico and have an active Phase I or Phase II SBIR/STTR grant at the time of application, according to the state agency. A full list of criteria, and a link to apply, are available on EDD’s website.