To support businesses in the Land of Enchantment, the New Mexico Economic Development Department (NMEDD) has deployed several new programs and initiatives.
For businesses facing negative economic impacts from COVID-19, NMEDD created the COVID-19 Business Loan Guarantee Program to assist in securing emergency loans or lines of credit. Through the program, NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Use of loan proceeds can be used for, but not limited to, working capital, inventory, and payroll.
Manufacturers and non-retail service providers generating more than 50% of their revenue out-of-state may qualify for 0% loans through Local Economic Development Act (LEDA) funding. Uses for the loan proceeds include mortgage payments and lease assistance. More information on these programs can be found on the NMEDD COVID-19 recovery site.
New Mexico officials have also launched a new website to support local businesses during the COVID-19 crisis. Buy Today for Tomorrow is an NMEDD-led resource for coffee shops, outfitters, restaurants, and other local companies to register and upload their contact info, links to buy gift cards, and update their hours.