The New Mexico Small Business Investment Corp. is making $25 million immediately available to local lenders at zero percent interest to help channel low-cost credit to small businesses struggling under the coronavirus.
It’s unclear what interest rate lenders will ultimately charge borrowers, but by providing no-cost loans to them, the NMSBIC hopes to make urgently needed cash available at below-normal rates for businesses during the crisis, said NMSBIC President and Board Chair Joseph Badal.
“Ultimately, our mission is economic development to help small businesses throughout New Mexico,” Badal told the Journal. “Our board unanimously approved this new $25 million loan facility last Monday. We’re excited about being able to do something immediately to help small businesses in this unprecedented situation.”
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