New Mexico Finance Authority: New Mexico Small Business Recovery Program

Enacted by the New Mexico Legislature during the June 2020 Special Session, this program provides financial assistance (loans) to businesses and nonprofit organizations that are experiencing financial hardship due to the public health order resulting from the COVID-19 pandemic. A minimum of 80% of the loan funds must be used for ordinary and necessary business expenses, including capital expenses, other than compensation for employees who own equity in the business. The program is expected to begin accepting applications on August 3, 2020. Amount: Loans in an amount equal to 200% of the average adjusted monthly business expenses from the previous calendar or fiscal year, not to exceed $75,000 will be available. Eligibility: New Mexico businesses or nonprofit corporations organized under Section 501(c)3 or 501(c)6 that have closed or reduced operations due to the public health order, and had annual gross revenue of less than $5 million as determined by its 2019 federal income tax return, and experienced a 30% decline in monthly gross receipts or monthly revenue in April and May of 2020 as compared to the same months in 2019. No collateral is needed for the loan, however creditworthiness will be evaluated. Deadline: December 31, 2020.

Resource Information
Funder New Mexico Finance Authority
Eligibility For Profit Organization, Nonprofit Organization
Resource URL: https://www.nmfa.net/
Sector COVID-19 Emergency Response
Grant Amount Not Provided
Deadline December 31, 2020