New Mexico Economic Development Department. All Rights Reserved.
Economic Injury Disaster Loan (EIDL) Program
The EIDL program provides small businesses and non-profits with low-interest loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19. Small businesses that received a COVID-19 Economic Injury Disaster Loan won’t have to start making payments on the loan until 2022.
Applications accepted through December 31, 2021 or until funds are no longer available.
The loan is calculated based on a 24-month economic injury.
Economic Development Agency Grants for Communities:
U.S. Economic Development Administration (EDA) announced six programs to equitably invest $3 billion allocated under President Biden’s American Rescue Plan. The programs help communities in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks.
The six programs are:
These new EDA investments place an emphasis on equity and will directly benefit previously underserved communities impacted by COVID-19, including special allocations to support coal community projects through the Build Back Better Regional Challenge and Economic Adjustment Assistance grants.
Applications for all programs are now open. Deadlines vary based on program.
Small Business Recovery Loan Fund 2012 makes available nearly $500 million to provide loans to businesses that experienced financial hardship resulting from the COVID-19 pandemic. The loan amount is up to three times your average adjusted monthly business expenses from 2019 or 2020, not to exceed $150,000. The interest rate is one-half of the Wall Street Journal prime rate on the date the loan is approved. Currently, the interest rate is 1.625%. Applications are open.
Business Recovery Grant Program – $200 million in grant funding to New Mexico small businesses that are experiencing financial hardship due to the pandemic. These grants are specifically tied to job creation, must be used as reimbursements of rent, lease or mortgage payments, and are prioritized based on the severity of economic decline experienced by the business.
Applications close on December 7, 2021
Business Continuity guide
The Statewide Disaster Recovery Coordinator can direct you to resources and answer questions about COVID-19 recovery-specific funding.
Statewide Disaster Recovery Coordinator: Jennifer Myers, Jennifer.Myers@state.nm.us
Regional Disaster Recovery Coordinators: