New Mexico small businesses can tap into $400M Covid-relief fund

SANTA FE, New Mexico – Small businesses in New Mexico that have been hard hit by the Covid-19 pandemic can apply for low-interest loans through the state government.

The Small Business Recovery Act set aside $400 million to provide loans to New Mexico businesses and nonprofit organizations that have experienced financial hardship during the pandemic.

Businesses may be eligible for loans of up to $75,000. The loans do not require a personal guarantee or collateral and carry an interest rate of currently set at 1.625 percent, fixed for the life of the loan.

The loans can be used to cover rent, payroll and other expenses.

Among other criteria, applicants must be: a New Mexico business or nonprofit that has closed or reduced operations; had annual gross revenue of less than $5 million as determined by 2019 federal income tax returns; and experienced a 30 percent decline in monthly revenue in April or May this year compared to the same months last year.

Applications are being taken on a first-come, first-served basis. To learn more and apply, go to the New Mexico Finance Authority website at nmfinance.com.