Rural Resources

Community Development Revolving Loan Fund (CDRLF)

Since 1983 the Economic Development Department’s Community Development Revolving Loan Fund has made 17 loans to 15 different New Mexico communities totaling more than $3.5 million.  Loans are available for projects which stimulate job creation and prosperity and may be used for infrastructure improvements, acquisition of real property, construction, rehabilitation, public facilities, and other real property investments. 

  • Maximum loan amount is $250,000 per project.
  • Terms of repayment are negotiable, not to exceed 10 years.
  • Interest rate is set at half the treasury bond equivalent rate.
  • Private property may not benefit directly from this program.
  • The political subdivision must pledge gross receipts tax to repay the loan.

Contact Kathy McCormick, 505.247.1750, X3643 or kathy.mccormick@state.nm.us.

Rural Economic Action Partnership (REAP)

REAP is an informal group of rural community development funding agencies which work together to increase the effectiveness of funding economic and community development projects in New Mexico by enhancing collaboration among the member agencies.  Projects seeking funding by REAP should have a business plan that demonstrate financial sustainability and community commitment; and should create new jobs and wealth for the region.

Contact your regional rep for more information and assistance.

MainStreet Satellite Program

Satellite communities are an innovation unique to New Mexico MainStreet for towns currently without capacity to become a “Start Up” that have the same needs as their larger neighbors.  Satellites are provided technical services and training focused on one downtown community economic development project per year.

Contact the MainStreet program for more information.

Other Rural Assistance:

Access to Federal Financial Assistance Programs: http://www.grants.gov

New Mexico Department of Finance & Administration
Community Development & Planning, Capital Outlay Funding,
& Community Development Block Grants
Web Site: http://local.nmdfa.state.nm.us/
Local Government Division
Santa Fe: 505.827.4950

New Mexico Finance Authority
Economic Development Planning Grants & Infrastructure Financing
Web Site: http://www.nmfa.net/
Santa Fe: 505.984.1454

Rural Development Response Council
Community Assessment, Profile Development, &
Technical Assistance with Projects
Web Site: http://www.ruraldevelopmentnm.org/
Las Cruces: 505.523.9784

US Department of Agriculture
Rural Development
Community Development Planning and Financial & Technical Assistance
Web Site: http://www.rurdev.usda.gov/

State Office - Albuquerque: 505.761.4950

Field Offices –
Aztec: 505.334.3090 X4
Carlsbad: 505.887.3506 X4
Deming: 505.546.9291 X4
Española: 505.753.3508 X4
Gallup: 505.722.4357 X4
Las Cruces: 505.522.8775 X4
Las Vegas: 505.425.3594 X4
Los Lunas: 505.865.4643 X4
Raton: 505.445.9471 X3
Socorro: 505.835.1710 X4