Coronavirus New Mexico Business Resources | COVID-19

Small Business Recovery Loan Fund

The Small Business Recovery Act of 2020 allocates $400 million in funds from the New Mexico State Severance Tax Fund to provide loans to New Mexico businesses and nonprofits that have experienced financial hardship due to the public health order resulting from the COVID-19 pandemic.

Eligibility:

• A New Mexico business or nonprofit corporation organized under Section 501(c)3 or 501(c)6 that has 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 or Form 990, 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
  
  The Fund is managed by the New Mexico Finance Authority.  For more information and to apply click on this link.

Federal Assistance: Small Business Administration (SBA)                  

The SBA offer s a wide variety of programs to help your business achieve its goals.  Begin here.

• Apply with a participating SBA 7a lender. See if your current lender is participating in this program.  
  • Download the complete SBA Resource Guide     

Economic Injury Disaster Loan (EIDL)                                          

• EIDL Advance is no longer available.
• More information about EIDL 
• Apply directly to the SBA HERE

Deferment of current SBA loans

• The SBA will also pay the principal and interest of new and current 7(a) loans issued prior to September 27, 2020.

Have questions or need help applying to these SBA programs?  The SBDC can help you navigate these programs, find lenders, and apply. Access information and locate service providers HERE. Additionally, the SBDC is hosting daily trainings on these programs HERE.

Other State Programs

• The NM Small Business Investment Council has identified several partners offering loan programs.
• If you are a larger organization which employs more than 40 employees, you may be eligible for the New Mexico Recovery Fund.

Grant Opportunities

• New Mexico Small Business Continuity Grants
  • List of communities (with contacts) that received grants
• The Grant Plant Inc. COVID-19 Emergency Grants
• All Together NM Fund
• NM Grant Makers Association
• GrantStation Searchable Database of COVID-19 Related Grant Opportunities

Visit EDD's Business Resource Center for more assistance.