Help for Businesses Impacted by COVID-19
Are you ready to open for business? Please download the guidelines and practices per industry sector issued by the State of New Mexico per industry.
New! 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 will be available at www.nmfinance.com.
- The $400 million program provides low-interest loans to businesses that are experiencing financial hardship due to the public health order resulting from the COVID-19 pandemic.
- The three-year loans may be used for a variety of expenses, do not require personal guarantees or collateral, and have no payments for the first year.
- Please note that this is a loan program, not a grant program.For more information, please visit www.nmfinance.com.
A training will be held for Loan Servicers on Tuesday, August 4 at 11 am. If you're interested in participating, please complete the following enrollment form.To enroll as a Loan Servicer, click here: Loan Servicer Enrollment Form
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 in the following areas of impact:
- Cultural Vibrancy
- Economic Security & Opportunities
- Sustainable Agriculture & Stewardship of Resources
- Animal Welfare
Click HERE to learn more about Grant Guidelines
Applications will be accepted: July 7, 2020 through August 13, 2020 at 11:59 pm.
The City of Santa Fe has created a one-stop hub for COVID-19 resources for our community. Please visit, www.alltogethersantafe.org.
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.
These nonprofits will administering the grants:
- Rio Grande Community Development Corp
[bot protected email address]
- NM Community Capital
[bot protected email address]
[bot protected email address]-
LOans, Grants, & SuPPORT
Small Business Bridge Fund
Falling Colors Foundation, located in Santa Fe, is offering funds that will provide $300 per month for three months to 200 small businesses with annual gross revenues of no more than $100k. Must be owned and operated in Santa Fe County. Apply here.
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.
New Mexico Department of Workforce Solutions
Employees whose hours have been reduced or who have laid off due to the outbreak are elgible. The work search requirement for affected workers has been waived for up to four weeks by the Department of Workforce Solutions. Claim for unemployment can be filed at New Mexico Workforce Connection website.
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].
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
- 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
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]
Facebook Small Business Boost Grants
Facebook is offering up to $100M in cash grants and ad credits to help during the COVID-19 outbreak. To learn more, visit here.
Santa Fe Community Foundation Response Fund
The COVID-19 Response Fund will support the many nonprofit organizations in our communities that will ensure children and seniors receive daily meals no longer provided in schools or senior centers. It will also provide funding for emergency health services, childcare, rent, and utilities. For more information see here.
Restaurant Workers Community Foundation COVID-19 Crisis Relief Fund
For more information see here.
James Beard Foundation Food and Beverage Industry 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. Download the press release here. More information.