Nearly $2 million in recovery funds will be going to a nonprofit based in Albuquerque that focuses on giving technical advice and microloans to New Mexico small businesses, according to the U.S. Department of Commerce.

The money, a $1.75 million Economic Development Administration (EDA) grant, will go towards building a regional headquarters for ACCION New Mexico. The headquarters will be built in the Sawmill district of Albuquerque.

“This grant will help ACCION New Mexico build their new headquarters and continue providing expertise for small and minority-owned businesses in Albuquerque,” U.S. Commerce Secretary Gary Locke is quoted as saying in a statement.

In the same statement, Congressman Martin Heinrich called the grant “a sound investment in the emerging entrepreneurs of small and minority-owned businesses in Albuquerque.”

Both of New Mexico’s U.S. Senators were also on board with the grant, with Sen. Jeff Bingaman adding, “ACCION New Mexico has long played a very important role in supporting small businesses, and during the economic downturn it has been a lifeline for small businesses who would have had nowhere else to turn for capital and expertise.”

First-term Sen. Tom Udall said that with the grant, ACCION “will be able to more effectively serve Albuquerque’s businesses and grow our state’s economy.”

New Mexico Gov. Bill Richardson was originally nominated for the position of U.S. commerce secretary, but he withdrew his name from the nomination due to an ongoing investigation by the FBI into pay-to-play allegations.