Collaboration Aims to Streamline Funding for Economic Development Projects
Op-ed by: Antoinette Vigil, Finance Development Team Leader, NMEDD
When a New Mexico community wants to undertake a project for downtown revitalization, business incubation, housing or infrastructure, backers often don’t know where to look for financing and are easily discouraged or intimidated by the maze of government agencies they have to navigate.
The state addressed this problem in the “rural renaissance” platform of its five-year economic development plan, unveiled in 2013, by creating New Mexico FundIt — a federal-state partnership that aims to be a one-stop source of start-to-finish financing for projects that will help with infrastructure development, job creation and small-business development.
Through FundIt, communities can vet their development proposals before multiple state and federal infrastructure funding agencies at the same time. Representatives of these agencies make up a review panel whose members collectively analyze proposals and direct the most feasible ones to stay on a continual track to financing.
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