Help for Businesses Impacted by COVID-19
The State of New Mexico is adjusting its business-loan guarantee programs in order to make capital more available to business owners whose operations are severely impacted by the COVID-19 health emergency.
CLICK HERE IF YOUR BUSINESS HAS BEEN IMPACTED BY COVID-19, AND YOU HAVE QUESTIONS OR NEED HELP APPLYING FOR THE SBA DISASTER ASSISTANCE LOAN PROGRAM. YOUR NEW MEXICO SBDC CAN ASSIST YOU WITH NO-COST ADVISING.
New Mexico Department of Workforce Solutions
In light of the Governor's declaration, certain workers may be eligible for Unemployment Insurance (UI) benefits. You may be eligible, click here for more information.
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department (NMEDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.
- Borrower approaches lender
- Lender applies to the program
- Lender and NMEDD sign agreement
- Lender makes the loan
- NMEDD guarantees the loan in case of default
Lenders and borrowers can apply here.
LEDA Zero-Percent Interest Loans
- Limited to expenditures for land, building and infrastructure
- Can be used for lease abatement or mortgage assistance
- Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state, or a retail business in a community or less than 15,000 in population)
- All loans will be required to provide security equal to the amount of the loan
New Mexico Finance Authority: Business Loan Partnership Program
NMFA and “Partner Banks,” together, share risk while lowering the overall cost of borrowing for the business by NMFA offering low-cost rates on its portion of the loan to a New Mexico business.
Contact, John Brooks, 1-877-ASK-NMFA, or [bot protected email address]
On March 12th the Small Business Administration (SBA) announed up to $2 million in disaster assistance loans. These are low interest loans that may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. More information from the SBA.
The SBA disaster assistance customer service center can be reached at 1.800.659.2955 (TTY: 1.800.877.8339) or email [bot protected email address].
SBA International Trade Assistance:
Contact Edward Herrara, 505.670.5957 or [bot protected email address].
US EAGLE Credit Union
US Eagle Credit Union has been approved to help to with New Mexico Economic Development Deparment Loan Program.
Brief loan offering is as follows:
Loan up to $62,500
Loan 80% guaranteed by State of NM
No Collateral REQUIRED
- 2018 Corporate Tax Return with all schedules filed Including K-1’s
- Either 2019 Tax return or 12-31-19 Company Prepared Profit and Loss and Balance Sheet
- Most Recent Company prepared interim Profit and Loss and Balance Sheet
- Written narrative on how the COVID-19 has impacted your business (no more than 2 pages)
- Personal Financial Statement for each owner
- Copy of Owners New Mexico Driver License
Contact: Ernesto J. Salazar, Business Loan Officer, 505-920-3696 or [bot protected email address]
The International Economic Development Council teaches a class and has published an extensive guide for communities in crisis. Download the Guide