Last Updated on August 23, 2023 by Hannah Stevens
The federal government spends a majority of the budget of more than $6,953.00 million dollars in grants and additional local government funds of $6,635.00 million dollars into the business sector since small businesses and large corporations are the backbone of economic growth in New Mexico. The state of New Mexico has 36,326 businesses, and these establishments are broken down into the following:
New Mexico Business Sector Breakdown by Size
- 20,365 registered businesses in New Mexico have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 6,218 registered businesses in New Mexico have 5 to 9 employees.
- 3,992 registered businesses in New Mexico have 10-19 employees.
- 3,352 registered businesses in New Mexico have 20-99 employees.
- 859 registered businesses in New Mexico have 100 to 499 employees.
- Over 1,540 registered businesses in New Mexico have over 500 employees.
New Mexico Business Sector Breakdown in Service Industries
- 4,812 registered businesses in New Mexico belong in the Professional, Scientific and Technical Services sector.
- 1,992 registered businesses in New Mexico are in the Administrative, Support, Waste Management, and Remediation Services sector.
- 4,060 registered businesses in New Mexico are part of the Accommodation and Food Services sector.
- More than 4,127 registered businesses in New Mexico are also service orientated businesses, but are not included in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of New Mexico has more than 21,000 farms.
Small Businesses in New Mexico
It is difficult to start and manage a small business in New Mexico. In this state, more than $21,378,606,000.00 US dollars is spent on employee salaries/payroll alone, and every year, over 6,626 companies declare bankruptcy. The federal government doesn’t provide grants to entrepreneurs for expanding or starting a business publicly. However, small business grants may be given in New Mexico to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact New Mexico financial aid agencies to apply for New Mexico business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: