New Mexico approved another round of no-interest loans from its LEDA fund to assist in the expansion of four companies in Albuquerque, New Mexico.
“The companies that will use the money to maintain manufacturing operations through the COVID-19 health emergency,” Economic Development Department Cabinet Secretary Alicia J. Keyes said.
According to state officials, “the zero-interest loan program was approved by Governor Michelle Lujan Grisham in early March, before the passing of the federal CARES Act. The program is one of several the state has been put in place to help assist businesses impacted by the health emergency. The program has helped 9 major companies in New Mexico with loans totaling $2.2 million, allowing businesses to save 162 jobs and maintain production during the health emergency.
"I will continue to do everything I can to sustain jobs and our economy throughout this public health and economic crisis," Governor Lujan Grisham said. "It's essential that we support workers and New Mexican families all across our state as this pandemic ravages businesses and our local economies."
“These companies worked hard to attract and train workers,” Cabinet Secretary Keyes noted. “The LEDA loan program has been a success, helping to retain a skilled workforce, which will lead to a stronger economic recovery.”
3D Glass Solutions, a manufacturing company serving the consumer, commercial, military and aerospace markets that develops and builds novel, high frequency 3D components will utilize the $471,296 loan to help retain its specially trained workers throughout the pandemic.
BayoTech Inc., a research and engineering firm working to retain all of its 16 New Mexico employees as it transitions from development phase into commercial production of on-site hydrogen production technology. BayoTech is working closely with PESCO to manufacture the system developed at Sandia National Laboratory and licensed to BayoTech in 2015. The company’s New Mexico workforce includes researchers, engineers, and technicians with an average salary of $118,154. They were approved for a $346,216 LEDA loan.
Southwest Pattern Works, a company that specializes in design and production of molds and molded products. The experienced team of journeyman pattern makers, machinists, and engineers use the latest CAD/CAM technology to produce CNC machined molds and patterns for any casting or molding process.
The $100,000 loan allows for continued expansion with hopes of creating 2 new jobs within the first year and 2 more the year after that. The average annual salary will be $30,000 to $36,480 for each job created.
Advanced Optical Technologies, an optical sensing developer that offers multidimensional, micro- and nano-structural material characterization, mapping, and assessment for a better understanding of materials, devices, and scenarios, and develops custom sensors for defense and commercial customers. The $210,656 LEDA loan will help Advanced Optical secure its lease so it can enter its manufacturing phase.