New Mexico Finance Authority – Senate Bill 3
New Mexico Finance Authority - Senate Bill 3
Small Business Recovery Loan Fund
The New Mexico Legislature recently expanded and extended 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. This $500 million loan fund offers loans up to $150,000 at a current interest rate of 1.625%, terms up to ten years, no payments due the first year, interest-only payments due in the second and third year, and no penalty for paying off a loan in advance. The Small Business Recovery Loan Fund application will be open April 29, 2021 through May 31, 2022. Updated information will be posted at www.nmfinance.com.
April 14th, 2021 New Mexico Economic Development Department/New Mexico Finance Authority Webinar:
Expanded and Improved: Small Business Recovery Loan Fund