Small businesses and local entrepreneurs are the backbone of New Mexico’s economy. They create jobs, support families, and keep money circulating in our communities. Yet many people with good ideas never get the chance to grow them into real businesses. One of the biggest reasons is access to early-stage capital.
New Mexico faces a unique challenge when it comes to startup funding. The state constitution includes an Anti-Donation Clause that limits how public money can be used to support private businesses. This rule exists for good reasons, but in practice it has made it much harder to build the kinds of seed funding programs that other states use to help small businesses get off the ground.
The result is a gap that hurts local entrepreneurs. Community banks often see early-stage startups as too risky. Large national banks focus on bigger markets. At the same time, New Mexico has far fewer angel investors and venture capital firms than neighboring states. Too many promising ideas stall out before they ever have a chance to grow.
My focus is on working within the law while still opening doors. I support using creative, fully compliant tools that encourage private investment without violating the constitution. That means structuring programs around federal funds, tax credits, and matching incentives that attract private dollars instead of handing out public money. When done right, the state can reduce risk and help private investors step in.
Other states have shown this can work. Places like Arizona and Colorado have used incentive-based programs to draw outside investment into local startups, without direct state grants. I support adapting proven models that fit New Mexico’s legal framework and economic strengths.
I also want to bring more outside investment into the state by making New Mexico easier to understand and easier to trust. Clear rules, predictable regulation, and strong research assets make a difference to investors. I will push for a statewide effort to showcase local innovation and study how our existing tax credit programs could be adjusted to welcome more non-resident investors.
Expanding access to capital is not about picking winners. It’s about giving hardworking people a fair chance to succeed. By removing barriers and encouraging private investment, New Mexico can help small businesses grow, create jobs, and strengthen communities across the state.
