State secures small business loan assistance for COVID-19 affected businesses
Image by Gerd Altmann from Pixabay

State secures small business loan assistance for COVID-19 affected businesses

  • March 18, 2020
  • News

Governor Michelle Lujan Grisham announced on Tuesday that the state of New Mexico has qualified for the Small Business Administration (SBA) Disaster Loan Assistance program to assist businesses negatively impacted by the COVID-19 public health emergency. The SBA is offering low-interest federal disaster loans up to $2M for working capital to small businesses and non-profit organizations suffering substantial economic injury as a result of COVID-19.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. For more information on these small business loans visit the website of the office of the Governor HERE and the Small Business Administration Disaster Loan Assistance program HERE

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