LOANS FOR BUSINESSES AND NONPROFITS
Governor Michell Lujan Grisham’s economic recovery council is urging small businesses that have been hit hard by the COVID-19 public health emergency, to apply for a loan through the New Mexico Finance Authority. The program is now available, and is especially beneficial for small businesses that may not have been able to access the federal relief or who may need more flexibility.
Grisham says, “it is so important for our recovery that our states small businesses get through this.” The Small Business Recovery Act of 2020 set aside $400 million from New Mexico’s Severance Tax Permanent Fund to provide loans to New Mexico’s businesses and nonprofits that have experienced financial hardships during the pandemic.
Businesses may be eligible for loans up to $75,000. The loans do not require a personal guarantee or collateral and carry an interest rate currently set at 1.625%, fixed for the life of the loan. Applications are processed on a first come-first-served basis.
To learn more and to apply, go to the New Mexico Finance Authority website at www.nmfinance.com