The state of New Mexico has qualified for the Small Business Administration Disaster Loan Assistance program to assist businesses negatively impacted by the COVID-19 public health emergency, Gov. Michelle Lujan Grisham announced yesterday.
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 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75 percent.
The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
There are two ways to learn more and begin a loan application:
- Online by visiting the Small Business Administration Disaster Loan Assistance program.
- By phone at (800) 659-2955 or email at firstname.lastname@example.org.
Individuals who are hearing impaired may call (800) 877-8339.
- If you elect to submit a hard-copy application, you may do so by mail to the following address:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155