The New Mexico Disaster Relief Loan Program provides relief loans up to $25,000 at 3.75% interest to help small businesses in the state of New Mexico that have suffered financial losses as a result of COVID-19.
Funding for this relief loan program is available through a collaborative partnership with The New Mexico Small Business Investment Corporation (NMSBIC) and the New Mexico Economic Development Department.
How our COVID-19 Relief Loan works:
- Business owners must apply online to begin the application process and are subject to credit review and financial assessment.
- Loans will range in value up to $25,000 and will be approved based on such factors as need, location, planning, eligibility and availability of funds.
- Funds may be used for working capital, covering expenses of debt and workforce needs.
- Once an application is approved, businesses will need to submit additional receipts and/or invoices for the items they are utilizing the funds.
- Initial 120 day deferral of P&I upon closing the loan
- 24 months for loans up to $25,000
- Annual gross revenues of not more than $2 million from all business activities at all business locations
- Must be in good standing with creditors for at least six months prior to COVID-19 outbreak.
- Loans are limited to businesses that are located and will reopen in same location in the State of New Mexico
- Demonstrates a loss of at least 15% of revenue in the period beginning March 1, 2020.
- Must be verified through one or more of the following:
- Plaid access via LiftFund or Paper documentation via bank accounts
- Business will demonstrate/show plan of action including assessment of financials to stabilize with funds as part of the assessment. The assessment and planning will be done as consultations with the applicants. Team members will assist and review with the applicants. See form here
- Last 90 days of bank or statements connected to business demonstrating expenses and revenue; business formation verification, plan of action document, any pending tax documentation items
- Documentation of funds used in the loan required.