Help for Businesses Impacted by COVID-19
Small Businesses and Non-profit organizations can apply for up to $25,000 in grant funding! Click here to learn more. The deadline is December 18, 2020 at 12PM.
Are you ready to open for business? Download the guidelines and practices per industry sector issued by the State of New Mexico per industry.
What is a Small Business CARES Relief Grant?
The Small Business CARES Relief Grant Program was created by the State of New Mexico in the November 2020 Special Session to provide $100 million in grant funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic.
Who can apply for a Small Business CARES Relief Grant?
For-profit businesses or nonprofit organizations that have 100 or fewer employees
For-profit businesses must be at least 51% owned by New Mexico residents.
Nonprofit organizations must be a 501(C)(3), 501(C)(6) or 501(c)(8), or must serve past or present members of the Armed Forces of the US described in Section 501(c) by the IRS.
How much are the grants?
Grants range in size from $2,000 to $50,000 and are based upon employee numbers.
When and where do I apply?
The application will be available at NMFA’s website (www.nmfinance.com) beginning at noon on December 7 until noon on December 18. Applications must be received by noon on December 18.
Are the grants awarded on a first-come, first-served basis?
No, the applications will be funded in three rounds so that applicants that apply later in the application period still have a chance to obtain funding. The rounds are as follows:
Applications received by noon on December 10th: Not more than $40,000,000
Applications received by noon on December 15th: At least $35,000,000
Applications received by noon on December 18th: At least $25,000,000
Applicants should apply only once. If an application isn’t funded in the round in which it was submitted, the application will “roll over” into the next round and will be considered again.
How do you decide which applications to fund?
To ensure that businesses in more rural parts of the state have access to the funding, NMFA has set aside 40% of the funds for grants to businesses in rural New Mexico. Applications will then be divided by industry class and prioritized based on severe economic impact.
Do I have to pay it back?
A grant is money given for a specific purpose. In this case, grants will be given to help NM businesses weather the economic hardship due to the pandemic. A grant does not need to be paid back.
Where do I get more information?
NMFA is updating its website with new information as it becomes available. Please check the website for updates and other tools at www.nmfinance.com, CARES Relief Grants (bar at the top)
Email: [bot protected email address] Phone: 505-992-9696
Webinar Oct. 14th at 3:00 PM presented by SCORE Santa Fe.
The PNM COVID Customer Relief Programs are designed to deliver assistance for both residential and small business customers who are behind on their bill and need a hand in getting their account in better status to avoid an interruption of electric service down the road, and ultimately breathe a sigh of relief when they are facing a large past due balance.
New! NM SBA Leveraged Projects
NMSBA leveraged projects allow multiple small businesses that share technical challenges to request assistance collectively for a project funded at a higher level than the limits for a single company. Leveraged projects fund lab staff time and incidental materials at a range of $40,000 to $120,000 (the sum of the assistance for which each participating company is eligible) and must be completed by December 2021.
The City of Santa Fe has created a one-stop hub for COVID-19 resources for our community. Visit www.alltogethersantafe.org.
Small Business Recovery Loan Fund
Created by the Small Business Recovery Act of 2020 (June 2020 Special Session) and signed into law by Governor Michelle Lujan Grisham on July 7th. The application is set to open August 5 and will be open until December 31, 2020 or until funds are gone, whichever comes first. Applications will be processed on a first-come, first-served basis. The application is available at www.nmfinance.com.
The Santa Fe Community Foundation Grants- for general operating support from organizations that are engaged in direct service, policy advocacy and/or collaborative efforts to improve outcomes. Click here.
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.
LOans, Grants, & SuPPORT
NM Recovery Fund
The NM State Investment Council (SIC) launches $100 million NM Recovery Fund.
Applications are now available for an emergency loan program to support larger businesses hardest hit by the COVID-19 health emergency. Must have 40 or more employees. Act fast and apply here.
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.
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]
SBA Disaster Loan Assistance
Federal disaster loans for businesses, private nonprofits, homeowners, and renters. 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].
Local 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
Contact: Ernesto J. Salazar, Business Loan Officer, 505-920-3696 or [bot protected email address]
CDC Guidance for Business and Employers
Finding interim guidance may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19. Read more here.
CDBG Economic Development Fund
Assistance to small businesses to avoid job losses by providing working capital assistance. Project has to qualify and be in a distressed area. Contact Scott Wright, NM Department of Finance & Administration, 505-827.4974 or [bot protected email address]
Restaurant Workers Community Foundation COVID-19 Crisis Relief Fund
For more information see here.Resources for Artists
NM Film Office
The New Mexico Film Office (NMFO) is encouraging furloughed workers in the film and television industry to apply directly to non-profit relief funds. More information.