Gov. Michelle Lujan Grisham recently signed legislation to extend the state's Buy New Mexico effort, increase procurement preferences for local businesses, and retain public funds in the state, according to a news release from the Office of the Governor.

Senate Bill 39 (SB 39) is an extension of Gov. Lujan Grisham's Buy New Mexico Initiative, which was introduced in 2019 with the goal of increasing economic growth in New Mexico by establishing incentives for businesses to invest in the state.

“Keeping more state dollars right here in New Mexico supports local businesses and grows our economy,” Lujan Grisham said in the release. “Smart policies like these are what makes our state a great place to be in business."

The law, which was passed unanimously by both chambers, boosts the bidding preference given to New Mexico firms applying for state contracts.

"This administration believes in supporting a thriving and healthy economy, and that starts right here at home,” Lujan Grisham said.

The bill also gives priority to businesses owned by New Mexican veterans and Native Americans who operate in the state.

“Expanding the Buy New Mexico initiative to give preference to veteran- and tribal-owned local businesses is the right thing to do,” Rep. Harry Garcia (D-McKinley) said, according to the release. “Our veterans have earned the right to be at the top of the list when our state invests money in contracts with businesses.”

Since the initiative's launch, the overall number of businesses that have decided to register for upcoming contract award notifications has risen by 9%.