WASHINGTON – U.S. Senators Tom Udall and Martin Heinrich announced federal funding to help develop a new high-tech business district in Albuquerque.
STC.UNM, the technology-transfer and economic-development arm of the University of New Mexico (UNM), will receive a $1,498,048 grant from the U.S. Department of Commerce's Economic Development Administration (EDA) to go toward the purchase of property to be developed into an innovation center between downtown Albuquerque’s central business district and the University of New Mexico. The City of Albuquerque has committed more than $2 million to the project and the New Mexico Educators Federal Credit Union has also committed $3 million.
Acquiring the property is the first piece of Innovate ABQ, a collaborative initiative that brings together the research powers of UNM and New Mexico's government, education, and business communities to develop an innovation center that will be a catalyst for new companies, grow existing ones, and attract more out-of-state business to the state.
“New Mexico is leading the way in research efforts that we can channel into building a high-tech economy,” said Udall. “This innovation center will serve as an incubator to help new entrepreneurs take advantage of innovative research and turn it into a successful business.”
"Innovation and technology drive New Mexico’s economy and our contributions to the nation," said Heinrich. "This investment in Innovate ABQ will help to foster industry partnerships that will boost job creation and encourage entrepreneurs to start businesses in New Mexico. I look forward to working with each partner in this collaborative effort to ensure this innovation center becomes a reality."
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds. More information on EDA’s grant process and investment process can be found at www.eda.gov.