In a press release on Monday, April 13, the Economic Development Department of the New Mexico state government announced that they are now accepting applications for their $100 million recovery fund to help larger businesses during the COVID-19 pandemic.
To qualify for the loan, the business must have 40 or more employees. The business also has to have been credit-worthy before the start of the pandemic. The loans start at $500,000 with interest rates between 3% and 10%. The money will be given to businesses that plan to keep their employees on for as long as the loan lasts. In the press release, Gov. Michelle Lujan Grisham said, “This is an important step, and we will, as a state, continue to advocate for and execute essential assistance programs.”
To apply for this recovery fund, applicants must go through a two-step process. The first step is filling out a short questionnaire online to determine whether or not the business qualifies. If the business does qualify, then an official submission request will be made, which is the second step. The recovery fund is managed by Santa Fe based investment advisor, Sun Mountain Capital. For more information or to begin the loan application process, go to https://sunmountaincapital.com/new-mexico-recovery-fund/.
The New Mexico Small Business Investment Corporation is already offering small businesses loans from a $25 million fund.
The Economic Development Department secretary Alicia J. Keys said in the press release, “the state is looking to do everything we can to help business through this crisis and save jobs.”
Governor Lujan Grisham first authorized two economic assistance programs from the Economic Development Department on March 12. The first one is the COVID-19 Loan Guarantee Program, which works with lenders to make it easier for businesses to qualify for loans. The second program provides no-interest loans from the Local Economic Development Act, which was first established in 2002 for the economic base businesses.
For more information about all of the business assistance programs offered by the New Mexico Economic Development Department, go to https://gonm.biz/about-us/covid-19-response.
For more information about COVID-19 in New Mexico, go to https://www.newmexico.gov/.