{"data":{"id":"us-nm/9-15-34.1","jurisdiction":"us-nm","citation":"9-15-34.1","heading":"Business incubators; conditions for state expenditures.","body":"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:\nA. a mission statement that defines the incubator's role to assist entrepreneurs and support the growth of businesses;\nB. 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;\nC. an effective governing board or an appropriate oversight advisory board committed to the incubator's mission;\nD. qualified management and staff to achieve the mission of the incubator and to help businesses;\nE. 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:\n(1) technical assistance and consulting;\n(2) coaching and mentoring, business training workshops and seminars;\n(3) providing marketing assistance;\n(4) fostering networking opportunities and links with other business service providers; and\n(5) providing assistance in obtaining financing;\nF. 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;\nG. a process for client businesses that involves a screening and selection process and graduation policy for client companies;\nH. a system for program evaluation;\nI. all applicable required licenses and permits and a functional accounting system; and\nJ. membership in the national business incubation association.","path":["Chapter 9 - Executive Department","ARTICLE 15 Economic Development Department"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18509/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"9245d5f94eaa1c0c59a1a1ababa652d3b747cb96e1146e74af73fd602baf4cba","source_id":"us-nm","stale":false,"prev":"us-nm/9-15-34","next":"us-nm/9-15-35"},"notice":"GroundRules: Original legal text. Not legal advice."}