Applications for loans from the New Mexico Recovery Fund are now being accepted.
Authorized by the New Mexico State Investment Council and managed by Sun Mountain Capital, the $100 million NM Recovery Fund is for New Mexico businesses:
- With 40 or more employees
- With substantial negative impacts related to COVID-19
- That were credit-worthy prior to the pandemic
- That demonstrate an intent to retain as many employees as possible over the life of the loan
- That will commit to spending at least 80 percent of loan proceeds in New Mexico (spending 100 percent of loan proceeds in NM is preferred)
- That need a loan of at least $500,000 (Interest rates range from 3-10%)
Other financial resources...
Frustrated business owners have reported challenges when applying for loans authorized by the CARES Act, which includes the Paycheck Protection Plan (PPP) accessible through SBA lenders and the Emergency Injury Disaster Loan offered by online application to the SBA. Many SBA lenders have focused on assisting their existing clients, but we expect that to change. And the US Congress is negotiating another bill to augment the $349 billion offered through the PPP. While waiting for additional funding and lender capacity to assist everyone in need, business owners are encourage to prepare their financial information.
Need help? (with forms or determining which resource is right for you?)
The Small Business Development Center Network is available, with offices statewide. A new series of webinars has just been announced. Find information on the SBDC homepage or contact by email the location nearest you.
- The NM Economic Development Dept. has a non-emergency number that connects callers with EDD staff who provide information about financial loans and grants offered by the state and federal governments. The number is (833)-551-0518 (press 2 for business assistance). Prior to calling, take a look at the New Mexico Economic Development Department's COVID-19 response page.
- Manufacturers can obtain assistance from New Mexico MEP, which in addition to providing resource advice, has launched a website to connect manufacturers with medical emergency supply needs. The COVID-19 Emergency Supply Collaborative website seeks community partners with the ability to quickly source and/or make needed medical supplies. It is a partnership of NM MEP, the state's universities and other research organizations, with support from the State of New Mexico and elected officials.
An inquiry form on the Finance New Mexico website is also available. While the Finance New Mexico project isn't able to give financial advice, representatives can put you in touch with resources they believe are right for your circumstances.
NM State Police--Covid--19 FAQ
NMSU Extension Webinars--Financially Navigating the COVID-19 Outbreak
Economic Development Department- Assistance for Businesses
New Mexico Association of Commerce and Industry- Resources and Information
NMIDEA- Economic Rapid Response Taskforce
NM Dept of Workforce Solutions- Information for workers
Small Business Administration- Small Business Guidance and Loan Resources
NM True- Business Information
Cibola County Chamber of Commerce-- Business Links