As all non-essential businesses across the state close their brick and mortar doors in compliance with the Governor's latest Executive Order of March 23, it is important to recognize the assistance that is being provided to small businesses at this time. Federal low-interest disaster loans are now available to "business owners whose operations are severely impacted by the COVID-19 health emergency." Loan applications can be accessed through the Disaster Assistance Loan portal. If you are unsure of how to apply, begin by watching this slide presentation on how to apply for disaster loans.
In addition, the New Mexico Economic Development Department has created state specific programs to "assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll." Other opportunities provide options for loan payment deferment.
For more information, go to the NMEDD COVID-19 response page or contact Johanna Nelson, Johanna.Nelson@state.nm.us or (505) 469-6204.
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