New Mexico Offers Recovery Loans For Small Businesses

$400 million in loan funds available to help New Mexico businesses

SANTA FE — The New Mexico Finance Authority is currently accepting applications to the Small Business Recovery Loan Fund.

The online application is available at www.nmfinance.com.

Eligible businesses and nonprofits may borrow two times their average monthly expenses up to $75,000. No personal guarantees or collateral are required. The interest rate is currently 1.625% (one-half the prime rate). The initial loan period is three years, with interest-only payments for the first three years.
The loan program is open to New Mexico businesses and nonprofit organizations with 2019 annual gross revenue of less than $5 million and whose 2020 April and May income dropped 30 percent or more compared to the same months in 2019.

The Small Business Recovery Act of 2020 was sponsored by Sens. John Sapien, Jacob Candelaria, and Sander Rue and Reps. Marian Matthews and Daymon Ely in the June 2020 Special Session and were signed into law by Governor Michelle Lujan Grisham on July 7, 2020.

The legislation allocates $400 million in funds from the New Mexico State Severance Tax Fund to provide loans to New Mexico businesses and nonprofits that experienced financial hardship due to the public health order resulting from the COVID-19 pandemic.

The New Mexico Finance Authority is administering the Small Business Recovery Loan Fund.

The online application and more information on the program can be found at www.nmfinance.com.

Contact: Lynn Taulbee,
Communications Manager, New Mexico Finance Authority
Email: LTaulbee@nmfa.net
Phone: (505) 660-0542

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