New Mexico § 9-15-34.1 Business incubators; conditions for state expenditures

New Mexico Statutes

§ 9-15-34.1 — Business incubators; conditions for state expenditures

New Mexico § 9-15-34.1

Ch. 9Executive Department

Art. 15Economic Development Department

This text of New Mexico § 9-15-34.1 (Business incubators; conditions for state expenditures) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 9-15-34.1 (2026).

Text

Business incubators receiving state funds shall be required to pass a state incubator certification program administered by the economic development department. The department shall certify business incubators that submit documentation to the department that the incubator has: A. a mission statement that defines the incubator's role to assist entrepreneurs and support the growth of businesses; B. for incubators established after the effective date of this section, a formal feasibility study indicating an appropriate market and local community support or, for incubators established prior to the effective date of this section, a business plan; C. an effective governing board or an appropriate oversight advisory board committed to the incubator's mission; D. qualified management and staff to 

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Business incubators receiving state funds shall be required to pass a state incubator certification program administered by the economic development department. The department shall certify business incubators that submit documentation to the department that the incubator has: A. a mission statement that defines the incubator's role to assist entrepreneurs and support the growth of businesses; B. for incubators established after the effective date of this section, a formal feasibility study indicating an appropriate market and local community support or, for incubators established prior to the effective date of this section, a business plan; C. an effective governing board or an appropriate oversight advisory board committed to the incubator's mission; D. qualified management and staff to achieve the mission of the incubator and to help businesses; E. an ongoing business assistance program that places the greatest value on client assistance and adds value to client businesses by developing programs and coordinating activities such as: (1) technical assistance and consulting; (2) coaching and mentoring, business training workshops and seminars; (3) providing marketing assistance; (4) fostering networking opportunities and links with other business service providers; and (5) providing assistance in obtaining financing; F. a facility that encourages innovation and provides dedicated space for incubator client firms with flexible leases and that includes a common area meeting space and business equipment; G. a process for client businesses that involves a screening and selection process and graduation policy for client companies; H. a system for program evaluation; I. all applicable required licenses and permits and a functional accounting system; and J. membership in the national business incubation association.