Utility sets up economic development fund

A newly established economic development fund will provide $20 million over the next two decades to advance economic development efforts in southern New Mexico.

The fund, known as the El Paso Electric New Mexico Economic Development Fund, was established by El Paso Electric and will be administered by the Community Foundation of Southern New Mexico, according to a new release from the electric company.

The fund will provide grants to eligible projects focused on economic-based job creation and support businesses and projects that help achieve economic growth and development in Southern New Mexico, according to the release. El Paso Electric and the Infrastructure Investments Fund will provide $1 million per year for 20 years.

Eligible projects must be in EPE’s New Mexico service territory. To learn more or to apply for a New Mexico economic development grant, go to the Community Foundation of Southern New Mexico’s website.