New Mexico Economic Development Dept. offers resources for small businesses during COVID-19 outbreak

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ALBUQUERQUE, N.M. (FOX) – The global COVID-19 pandemic has brought the majority of businesses across the country to a halt. As a result, the economy has taken a major hit.

Anchor David Romero spoke with New Mexico Economic Development Cabinet Secretary Alicia Keyes to discuss the economic assistance available to New Mexico businesses during this health emergency.

Alicia explains that for the past few weeks, the department has been putting together programs for small businesses. The first one aimed to get the state registered for the Small Business Association’s loan program which includes all 33 of the state’s counties.

Any small business can visit SBA’s website to apply for those loans in addition to other loans from the state. The Economic Development Department also has the COVID-19 Business Loan Guarantee Program that can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000.

The LEDA Zero-Percent Interest Loans are limited to expenditures for land, infrastructure, and building and can be used for mortgage assistance or lease abatement.

Additionally, individuals who are facing hardships resulting from the COVID-19 outbreak can find resources through the website NewMexico.gov

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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