New Mexico Economic Development Department (NMEDD) COVID-19 Business Loan Guarantee Program

NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.

Loan information

  • NMEDD will guarantee loan up to 6 months and lenders can reapply up to 6 additional months
  • NOT limited to industry, length of time in business, number of employees
  • Business discloses how they are negatively impacted in application

Application process:

  1. Borrower approaches their lending institution or locates a lender to discuss getting a loan or line of credit
  2. Lender vets project and applies to the program
  3. Lender and NMEDD sign agreement
  4. Lender makes the loan
  5. NMEDD guarantees the loan in case of default
  6. The lender is the one that has to apply

Here is a list of Participating Lenders: https://docs.google.com/document/d/1RQIUC1rxUiYk5x0bBEjaHjsKMJezVn3zgl8Al9vSGUE/edit

For more information, please use the following contact information.

Email: EDD-Finance@state.nm.us

Phone: 505-469-6204

Email: roper@state.nm.us

Phone: 575- 562-0327

Email: Nelson@state.nm.us

Phone: 505-469-6204

LEDA Zero-Percent Interest Loans

Loan overview:  Loans can be used for lease abatement or mortgage assistance. The company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state). All loans will be required to provide security equal to the amount of the loan

Eligibility requirements:Limited to expenditures for land, building and infrastructure

For more information on  LEDA loans, find & contact your Regional Representative, or contact Mark Roper, Roper@state.nm.us or 575.562.0327

The Loan Fund

The nonprofit organization offers business loans and lines of credit up to $500,000 to businesses throughout New Mexico

If you are interested in applying, please checkout the website for the application.

If you would like to get in touch, please call at 505-243-3196 or email at info@loanfund.org

Dream Spring Loan

Dreamspring is a nonprofit organization that increases access to business credit, offers loans, and provides training throughout New Mexico.

For more information please call 800-508-7624 or email info@dreamspring.org.

LiftFund 

LiftFund is a nonprofit organization that provides education and capital up to $500,000 to business owners and entrepreneurs in Southern New Mexico.

For more information, please call 888-215-2373 or email at info@liftfund.com.

HomeWise

HomeWise is a nonprofit organization that provides business real estate loans up to $375,000 in Santa Fe and Albuquerque.

For more information, please call at 505-469-6195 or email jgilligan@homewise.org.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Federal loan available to New Mexico residents. More details on the loan provided at the top of the page. For more info please visit

NM 16339-02 SBA Amends Disaster Declaration Disaster Assistance Now Available to all New Mexico Small Businesses Economically Impacted by the Coronavirus (COVID-19)