Lujan Grisham Announces $1 million for Innovate ABQ biotechnology incubator

ALBUQUERQUE – Congresswoman Michelle Lujan Grisham announced a $1 million grant today that will be used to create a biotechnology business incubator at Innovate ABQ in Downtown Albuquerque.

Rep. Lujan Grisham made the announcement while she visited the new Lobo Rainforest facility this morning.

“Albuquerque has already had success with biotechnology, and this $1 million federal investment, leveraged with $2.5 million in private investments, will create 155 new high-wage jobs and retain another 80 jobs,” Rep. Lujan Grisham said. “This is exactly the type of investments we need to help jump-start our economy and grow the industries we need to create a sustainable economy.”

The $1 million in federal money was awarded to Innovate ABQ through a competitive grant from the U.S. Economic Development Administration. The money will be used to renovate an existing building to establish the Innovate ABQ bioscience business incubator that will house labs with corresponding office space. The improvements will create a rich and collaborative work environment that enables innovation to thrive, which will result in new higher paying jobs and additional employment throughout the region.

EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds.  

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