State gives $2.3M to six NM companies as part of incentive program - Albuquerque Journal

State gives $2.3M to six NM companies as part of incentive program

The New Mexico Economic Development Department has awarded more than $2.3 million to six companies in December through its Job Training Incentive Program, capping off a record year for the state program.

December’s round of awards funded a total of 196 trainees, including 180 in Farmington, according to a news release from the state agency. The six companies receiving funding include the following:

• Process Equipment & Service Company, which received nearly $2 million to support 180 trainees in Farmington at an average hourly wage of $15.56.

• X-Bow Launch Systems, which received $225,520 to support 10 trainees in Albuquerque and Socorro at an average wage of $32.73.

• Specifica, which received $35,853 to support a pair of trainees in Santa Fe at an average wage of $31.59.

• Olive Tree Pharmacy, which received $33,966 to support two trainees in Rio Rancho at an average wage of $33.75.

• BennuBio, which received $11,280 to support one additional trainee in Albuquerque at an average wage of $23.50.

• Sombra Cosmetics, which received $6,920 to support one trainee in Albuquerque at an average wage of $18.50.

In 2021, EDD awarded JTIP funds to 122 companies, for a total of $27.6 million. Those funds supported 2,925 trainees across 15 counties, according to EDD.

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