As New Mexico businesses continue to struggle with the economic impacts of the COVID-19 pandemic, a recovery program established by New Mexico’s State Investment Council is beginning to distribute tens of millions of dollars in loans set aside for medium to large businesses. The New Mexico Recovery Fund is an SIC-backed initiative to keep New Mexico’s economy strong and ready to recover as the state continues the re-opening process.
“We’re ready to lend, and ready to lend at attractive rates,” said Connor Browne of Sun Mountain Capital, the Santa Fe-based equity firm charged with overseeing the program. “We are working hard to support economic recovery across the state, and we’re also working hard to make sure that every New Mexico business that could benefit from the program knows where to find us.”
While more than half of the $100 million set aside for New Mexico Recovery Fund is already in the pipeline for distribution, the program still has substantial funding available for applicants, who are likely to find the NM Recovery Fund process more expedient than going through programs administered by state and federal bureaucracies. Previous participation in other relief programs, included the federal Paycheck Protection Program, does not preclude a business from receiving a loan from the NM Recovery Fund.
The NM Recovery Fund is open to applicants satisfying four main criteria:
- Have forty (40) or more New Mexico employees
- Demonstrate an intent to retain as much of the company’s headcount as possible over the life of the loan (with flexibility to allow for unforeseen business situations)
- Demonstrable negative COVID-19 economic impact (loss of customers, loss of revenue, etc.)
- Commit to spending at least 80% of loan proceeds in New Mexico (spending 100% of loan proceeds in New Mexico preferred)
Those interested in learning more can apply and find more information on the New Mexico Recovery Fund here.
Finally, the state’s Economic Development Department has compiled a list of other state, federal, and local programs available for businesses here.