Home News COVID-19 Situation $100 million NM Recovery Fund launched

$100 million NM Recovery Fund launched

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Applications are available for a State of New Mexico emergency loan program to support larger businesses hit by the COVID-19 health emergency.

The New Mexico State Investment Council unanimously approved guidelines for the New Mexico Recovery Fund, which will invest up to $100 million of the Severance Tax Permanent Fund in a short-term loan program.

Businesses in New Mexico with 40 or more employees, which were credit-worthy prior to the pandemic, can apply for loans, starting at $500,000, with interest rates between 3% and 10%.

According to a press release issued Monday, the fund is aimed at companies with substantial negative impacts related to COVID-19; which demonstrate an intent to retain as many employees as possible over the life of the loan; and that will commit to spending at least 80% of loan proceeds in New Mexico (100% preferred).

The NM Recovery Fund is intended to complement federal loan programs like the CARES Act, as well as $25 million in new emergency small business loans offered by the NM Small Business Investment Corporation.

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The NM Recovery Fund will be managed by Sun Mountain Capital, a Santa Fe investment adviser.

The application is a two-step process with businesses initially filing a short questionnaire to see if they meet qualifications. Once approved, a formal submission will be requested.

For additional questions and to begin the loan application process, please visit sunmountaincapital.com.

 

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