September 20, 2017

Udall Applauds $1 Million in Federal Funding for Innovate ABQ Bioscience Lab Incubator

WASHINGTON — Today, U.S. Senator Tom Udall, a member of the Senate Commerce and Appropriations committees, applauded the announcement that the Innovate ABQ will receive $1 million from the U.S. Department of Commerce to establish a bioscience business incubator. The funding, which was supported by Udall and the rest of the N.M. congressional delegation, will pay for renovation of an existing building to house labs with corresponding office space in Albuquerque, and is expected to create 155 jobs, save 80 jobs and leverage $2.5 million in private investments. A copy of the letter of support from the delegation is available here.

"Community projects like Innovate ABQ are helping New Mexico entrepreneurs get their businesses off the ground so they can create jobs and keep our economy moving forward. I was pleased to join the delegation in pushing for this funding to go toward establishing an incubator for bioscience businesses who are creating the STEM jobs of the future," Udall said. "New Mexico is leading the way in channeling innovation, research, and technology into economic drivers, and as a member of the Senate Appropriations and Commerce committees, I will keep fighting for investments in our high-tech economy."

The funding comes as part of the Department of Commerce's Economic Development Administration, an agency proposed for elimination in President Trump’s fiscal year 2018 budget. Bipartisan legislation approved by the Senate Appropriations Committee earlier this year would continue to fund this important agency.