The governor’s Economic Recovery Council is encouraging New Mexico small businesses and nonprofits affected by the pandemic to consider applying for funding through a new emergency loan program set up by the state finance authority, a news release said.
Eligible organizations may apply for loans of up to $75,000 through the program, which was established earlier this year with by the Small Business Recovery Act of 2020, the release said. Up to $400 million is available through the program.
Loans, which are available for New Mexico businesses with an annual gross income of less than $5 million, can be used to cover rent, payroll and other expenses, and do not require a personal guarantee or collateral. The program’s interest rate is currently locked in at 1.625%, the release said.
To apply, organizations must:
• Be a New Mexico business or a 501(c)3 or 501(c)6 nonprofit that has closed or reduced operations due to the public health order.
• Have seen a 30% decline in monthly revenue or gross receipts in April and May compared to those same months last year.
The program’s funding comes from the state’s severance tax permanent fund.
More information is available at www.nmfinance.org.