NEW MEXICO (KRQE) – Applications are now available for a New Mexico emergency loan program that will support larger businesses that have been impacted by the COVID-19 health emergency.
The New Mexico State Investment Council unanimously approved guidelines for the New Mexico Recovery Fund on April 7 which will invest up to $100 million of the Severance Tax Permanent Fund in a short-term loan program that was created for emergency business lending. Businesses with 40 or more employees in New Mexico may apply for loans starting at $500,000 with interest rates between 3% and 10%.
The New Mexico Recovery Fund is aimed at companies with significant negative impacts related to COVID-19 which demonstrate an intent to retain as many employees as possible over the life of the loan and will commit to spending at least 80% of loan proceeds in New Mexico. It is preferred to spend 100% of loan proceeds in the state.
The fund is intended to complement federal loan programs such as the CARES Act in addition to $25 million in new emergency small business loans that are offered by the New Mexico SMall Business Investment Corporation.
Sun Mountain Capital, a Santa Fe investment adviser, is managing the New Mexico Recovery Fund. The application includes a two-step process with businesses initially filling out a short questionnaire that will determine if they meet qualifications.
After the application is approved, a formal submission will be requested. For more information on the application process, visit the Sun Mountain Capital website.
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