Udall, Heinrich, Torres Small Hail $2.5 Million Investment in Carlsbad and Artesia to Support Small Businesses and Economic Growth

Press Release

U.S. Senators Tom Udall (D-N.M.) and Martin Henrich (D-N.M.) and U.S. Representative Xochitl Torres Small (D-N.M.) announced the city of Carlsbad and Artesia will receive over $2.5 million from the Economic Development Administration (EDA) as local economies continue to respond and rebuild from the COVID-19 pandemic. Specifically, the Carlsbad Industrial Action will receive funding through the CARES Act to provide small businesses impacted by COVID-19 with gap financing loans, while Artesia Industrial Park will utilize funding to support business expansion plans and make critical infrastructure improvements.

"As small businesses in New Mexico confront unprecedented challenges during the COVID-19 pandemic, it's even more urgent that we provide local governments like Artesia and Carlsbad with the tools they need for their communities," said Udall, a senior member of the Senate Appropriations Committee. "I will keep fighting for resources for all of New Mexico's communities during these challenging economic times, and I am confident that the tight-knit communities of Artesia and Carlsbad can leverage these grants to foster innovative businesses and create good jobs in the local economy."

"Local economies in southeastern New Mexico have been especially hard hit during the Covid-19 pandemic. I am proud to welcome this much needed federal investment to help Carlsbad and Artesia support local small businesses and build new infrastructure that will spur long-term economic development. I remain committed to securing the resources New Mexicans need to protect public health, support families and workers, and rebuild thriving communities in every corner of our state," said Heinrich.

"Right now, hardworking New Mexicans are fighting to provide for their families and keep their businesses afloat while dealing with unprecedented economic uncertainty. I'm pleased to announce two major investments in Artesia and Carlsbad which will provide a lifeline for our small businesses that are continuing to fight to make ends meet in addition to investing in opportunities for growth. It's critical we continue to direct funding to our cities, towns, and communities so New Mexico can recover and bounce back," said Torres Small.

See a full breakdown of the EDA investments in Carlsbad and Artesia below:

- Carlsbad Industrial Action, Carlsbad, New Mexico, will receive $550,000 through the EDA CARES Act Recovery Assistance grant program to provide Revolving Loan Funds (RLFs) to small businesses in Eddy county that have been impacted by COVID-19.
- Artesia Industrial Park, Artesia, New Mexico will receive a $1.5 million grant to support business location and expansion plans in addition to infrastructure improvement projects. The EDA grant will be matched with $1.5 million in local funds and is expected to create 75 jobs.

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