COVID-19 Business Finance Resources
My organization is negatively affected by COVID-19. What do I do now?
Follow these options to navigate resources.
SBA has programs to help during this time. HERE is an overview of all programs.
Programs include a mix of opportunities for eligible entities including:
- Paycheck Protection Program (PPP)
- Loan for eligible entities to keep their workers on the payroll.
- A portion of loan can be forgiven if employees are kept on the payroll; funds can be used toward payroll, rent, mortgage interest, or utilities expenses.
- Apply with a participating SBA 7a lender. See if your current lender is participating in this program.
- Economic Injury Disaster Loan (EIDL)
- Working capital loans of up to $2 million.
- An advance of up to $10,000 is available to eligible applicants.
- Apply directly to the SBA HERE
- Read the SBA Economic Injury Disaster Loans Fact Sheet: English, Spanish
- Deferment of current SBA loans
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- Locate an SBA 7(a) lender to apply and discuss details.
- SBA Express Bridge Loans
- Small businesses who currently have a business relationship with an SBA Express Lender can access up to $25,000 with less paperwork.
- If need for cash is urgent, while waiting for decision and disbursement on EIDL, may qualify for an SBA Express Disaster Bridge Loan.
- Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
Need help with applying to the SBA programs?
- SBA has several resource partners including the SBDC who can help you navigate these programs, find lenders and apply. Access information and locate service providers HERE.
In addition to SBA programs:
- Consult with your current lending institution. Ask if they are offering any special relief programs. Explain your financial needs and discuss possibility of obtaining a loan or line of credit.
- Ask if they are participating in NMEDD’s COVID-19 program.
- Explore other relief lending programs.
- The NM Small Business Investment Council has identified several partners offering loan programs.
- If you are a larger organization which employs more than 50 employees, you may be eligible for the SIC Recovery Fund.
New Mexico financial assistance programs:
- NMEDD COVID-19 Business Loan Guarantee Loan program
- NMEDD can guarantee a loan up to 80% or principal or a maximum of $50,000.
- See if your lender is participating in the program or find a participating lender HERE.
- Lender applies to the program on your behalf.
- Contact Johanna.firstname.lastname@example.org
- LEDA 0% Interest Loans through NMEDD
- Company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state)
- Limited to expenditures for land, building and infrastructure; can be used for lease abatement or mortgage assistance
- All loans will be required to provide security equal to the amount of the loan
- Contact your NMEDD Regional Rep.
Figure out if you are eligible for a grant:
Additional Steps to consider:
- List your business on Buy for Tomorrow Today.
- Site allows you to list your business so that customers can purchase gift cards.
- Register your business HERE.
- Check in with your city, county or COG to see if there are relief programs being offered.
- Check with your utility providers to see about special relief programs.
COVID-19 Business Loan Guarantee Program
The New Mexico Economic Development Department (NMEDD) has created a program 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.
- Borrower approaches their lending institution or locates a lender to discuss getting a loan or line of credit
- Lender vets project and applies to the program
- Lender and NMEDD sign agreement
- Lender makes the loan
- NMEDD guarantees the loan in case of default
Borrowers work with their lenders. Lenders apply to the program for a guaranty.
Emergency Planning and Community Development