Governor Michelle Lujan Grisham announced the opening of the Small Business Recovery Loan Fund for New Mexico small businesses, today, August 5.
Click here for online applications.
The Small Business Recovery Act of 2020 with funds of $400 million from the New Mexico State Severance Tax Fund provides loans to New Mexico businesses and nonprofits having experienced financial difficulties due to COVID-19 public health orders.
“This is a cornerstone of our state’s response to the economic crisis unleashed by the COVID-19 pandemic,” Gov. Lujan Grisham said. “Businesses across our state have suffered as a direct result of the public health emergency – customers are concerned about safety, employees are worried about their well-being and our economy has been battered. The state’s wealth can be put to no better purpose right now than the assistance of so many dedicated business-owners, whose lives and livelihoods have been upended, who have done everything they can to keep customers and workers and our communities safe. I will continue to deliver everything in my power to New Mexicans who continue to fight this virus and work to stay afloat.”
Businesses and nonprofits that are eligible can apply for a loan twice their average monthly expenses up to $75,000. The interest rate is set at one-half of the prime rate on the day the loan is made. Three years is the initial loan period and the first three years have interest-only payments.
Eligible businesses and nonprofits are to have had less than $5 million in 2019 annual gross revenue and a decrease of 30% or more in their April and May 2020 income in comparison to the same month of 2019.
The Small Business Recovery Loan Fund is administered by the New Mexico Finance Authority.
For additional information and assistance on New Mexico available programs dial the New Mexico’s COVID-19 non-emergency information hotline at 833-551-0518 and select option 2. Also visit gonm.biz.
Release Courtesy of the State of New Mexico
