Lovelace Health System and the Public Service Co. of New Mexico have partnered with the New Mexico Association of Commerce and Industry to launch the state’s first "economic gardening" pilot program.
The program is designed to help existing New Mexico companies grow business. ACI is working with the Edward Lowe Foundation and the National Center for Economic Gardening on the program. In addition, the city of Las Cruces and the Four Corners Economic Development Corp. will be partners in the pilot program.
“ACI has been championing job creation for the past few years. This new program, often called the ‘growth from within approach’ is an extension of those efforts,” Beverlee McClure, president and CEO of ACI said in a news release.
“Economic gardening represents a new way of thinking about supporting growth companies and letting business owners know how important they are to our local economies,” Mark Lange, executive director of the Edward Lowe Foundation said. “Instead of offering traditional incentives like tax credits or real estate discounts, we’re offering something that might be even more valuable to CEOs: strategic information that’s gathered with their guidance and customized for their company.”
Participating companies will have access to a team who will dedicate about 36 hours to each company, assisting with growth challenges.
The program is free to selected qualifying companies. To be eligible for the program, applicants must:
• Be a for-profit, privately-held company that has been headquartered in New Mexico for at least the past two years
• Generate annual revenue between $500,000 and $50 million
• Employ between 8 and 99 full-time employees
• Demonstrate growth in either employment and/or revenue during two of the past five years