Small Business Recovery and Stimulus Programs
Recovery and Stimulus Programs
The New Mexico Legislature recently expanded the Small Business Recovery Loan Fund to better help businesses experiencing financial hardship caused by the pandemic. More businesses are now eligible to apply for a loan, the loans have more favorable and flexible terms, and businesses that received a Small Business Recovery Loan in 2020 can refinance for a longer term or a bigger loan.
The Essential Services Working Capital Program was an emergency loan program created in 2020 that provided short-term working capital loans to healthcare entities, childcare businesses, and other critical service providers whose operating funds were insufficient to meet the demand resulting from the COVID-19 pandemic and related Public Health Emergency Orders.
IMPORTANT INFORMATION FOR APPLICANTS
- Read all of the application information provided before starting your application to save time and prevent errors.
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- Set your email filters so that emails sent by NMFA from @nmfa.net and @formstack.com don’t get lost in your junk mail or spam filter.
Past Pandemic Relief Programs
Small Business CARES Relief Grants
Application period: December 7, 2020 – December 18, 2020
The Small Business CARES Relief Grants were authorized by the State of New Mexico in the November 2020 Special Session and were funded by $100 million in Federal CARES stimulus funds.
NMFA received 14,136 grant applications from New Mexico businesses totaling $156 million in funding requests. Grants were awarded to 6,743 businesses throughout New Mexico, with 60% of the funds provided to businesses in urban areas and 40% of the funds to businesses in rural areas of the state. The businesses receiving grants include restaurants, hotels, retail stores, nonprofit organizations, manufacturing companies, accountants, and many more in communities large and small throughout New Mexico. The smallest grant was $2,000 and the largest grant was $50,000. The average grant size was $15,000.
Small Business Recovery Loan Fund 2020
Application period: August 5, 2020 – December 31, 2020
Enacted by the New Mexico Legislature during the June 2020 Special Session and signed into law by Governor Michelle Lujan Grisham, this program allocated funds to provide loans to businesses that experienced financial hardship due to the public health order resulting from the COVID-19 pandemic.
Number of businesses with approved loans: 890
Number of NM counties represented: 26
Number of NM cities and towns represented: 73
Total loan amount: $40,545,955
Average loan amount: $45,557
Smallest loan: $496
Largest loan: $75,000
Accommodation & Food Services: 20%
Arts, Entertainment & Recreation: 9%
Phone: (505) 992-9696