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• The application will be open through December 31, 2020 or until the funds are gone, whichever comes first.
• The loan applications will be processed on a first-come, first-served basis.
• The application cannot be saved and finished later, so please have your required documents in an electronic form ready to upload before you start.
• The application will take approximately an hour to complete.

• Federal Tax Returns for Taxable Year 2019
• Sole Proprietors – 2019 IRS Form 1040 Schedule C
• Partnerships, LLC’s & LLP’s – 2019 Form 1065
• S corporations 2019 IRS Form 1120S
• C corporations 2019 IRS Form 1120
• Copies of CARES Act loan amounts received by the business, if any. You may still apply for a SBRLF loan if you received CARES Act funding.
• Combined Reporting System (CRS) reports for gross receipts collected in April 2019 and May 2019.
• Combined Reporting System (CRS) reports for gross receipts collected in April 2020 and May 2020 (NOTE: If you file CRS reports on a quarterly or semi-annual basis, you’ll need the CRS reports that include the above months.)
• 2019 New Mexico Personal Income Tax return of business owners to evidence New Mexico residency or 2018 New Mexico Personal Income Tax return plus an extension

Note: The maximum file size is 25MB. For help, please review the “How to reduce the size of PDF files” in the Resources section at the right.

• Monthly Income Statement/Profit & Loss report for tax year that includes April and May 2019
• Monthly Income Statement/Profit & Loss report for tax year that includes April and May 2020
• IRS Form 990 for the tax year or years that include April and May 2019
• Annual Income Statements/Profit & Loss for the tax year that includes April and May 2019
• Copies of CARES Act loan amounts received by the business, if any. You may still apply for a SBRLF loan if you received CARES Act funding.
• Signed certification that the financial statements are true and accurate, and consistent with IRS Form 990
• Signed, electronically or physically, by the Executive Director, CFO, independent accountant or board officer

Note: The maximum file size is 25MB. For help, please review the “How to reduce the size of PDF files” in the Resources section at the right.

• If a sole proprietorship, 100% of the assets of the business are owned or leased by a New Mexico resident.
• If a corporation, partnership, joint venture, LLC, limited partnership, or other business entity, at least 80% of the total voting power and at least 80% of the total value of the equity is owned by one or more New Mexico residents.
• A New Mexico resident is defined as an individual who is domiciled in the state during any part of the year or an individual who is physically present in the state for 185 days or more during the taxable year.

The loan amount will be equal to 200% of the average adjusted monthly business expenses from the previous calendar or fiscal year, not to exceed $75,000. The average adjusted monthly business expenses will be the 2019 expenses of the business less any deductions for depreciation, bonus depreciation, CARES Act funding, and any deductions pursuant to Section 179 of the IRS code, divided by 12.

A minimum of 80% of the loan funds must be used for ordinary and necessary business expenses, including capital expenses, other than compensation for employees who own equity in the business.

No collateral is needed for the loan, however creditworthiness will be evaluated. Personal guarantees are not required.

If your business is eligible to apply, the process will take approximately ten business days after the application is submitted. If your business is ineligible to apply, you will be notified in the application process.