NEW MEXICO (KRQE) – For years, state and city grant funding has been used to grow businesses in New Mexico with the goal of keeping jobs here and boosting the economy. One local business who has expanded over the years said it’s all thanks to that local funding.
Vitality Works, located in Albuquerque, makes dietary and herbal supplements.
“We are the guys that really make the stuff for over 600 brands in the United States. Our name is on nothing, but we make other people’s goods and fully package turnkey operations,” said Vitality Works CEO/Founder Mitch Coven.
Coven said since he started his company in the 1980’s, it’s far surpassed his goals. He said the growth wouldn’t have been possible without money from grants and tax credits.
“Everything that the city, county, state has made available to us has helped foster our growth even faster,” added Coven.
One of the grants he’s received is through the Local Economic Development Act, or LEDA which was signed into New Mexico law in the early 90’s to incentivize and support growing businesses.
“We want the public sector to be an enabling partner that allows those entrepreneurs and those companies to be successful,” said Director of Economic Development for the City of Albuquerque Max Gruner.
Vitality Works is just one company that’s benefited from LEDA in the metro. In just the past eight years, the city of Albuquerque has committed more than $13.7 million in LEDA funding to help grow and retain 15 businesses. Those who qualify are expected to show how their company will expand, create jobs and have a local economic impact.
“We are really trying to use the mechanism of these incentives to create generational wealth for our families in Albuquerque,” said Gruner.
Vitality Works produces 50,000 bottles of supplements and more a day. Coven believes his company is a way to give back to New Mexico as he employs more than 300 people and he sources some herbs in the state. His company is receiving it’s second LEDA funding, which he hopes to use to expand the company even further by adding another 30,000 square feet to his facility.
“Our plans are to keep capturing the growth. We have to keep expanding,” said Coven.
State LEDA funds are appropriated by the legislature, while participating cities also have their own LEDA funds, which are controlled by city councils.
