The City of Santa Fe and SCORE Santa Fe presents:
New Mexico Finance Authority Small Business Recovery Loan Fund Webinars in Spanish and English Santa Fe, August 10, 2020
Many Santa Fe businesses have had their operations restricted to protect public health, and as a result, they have suffered tremendous economic losses.
While the New Mexico Recovery Loans will not mitigate their loss, it can help keep employees working and keep local businesses open so they can continue providing needed services and products for our community while sustaining our economy.
Some Hispanic business owners are facing the additional challenges of immigration status and language. The webinar in Spanish provides an overview of the New Mexico Finance Authority’s, “Small Loan Recovery Fund” without having to release personal information by viewing it via City of Santa Fe’s YouTube page anonymously.
Or business owners can share their information by registering with SCORE Santa Fe and receive future business programming information and mentoring.
The webinars will take place on: – Spanish webinar on Thursday, August 13, 3:00 p.m. – English webinar on Thursday, August 27, 3:00 p.m..
The webinar will detail a new loan program enacted by the New Mexico Legislature and signed into law by Governor Michelle Lujan Grisham.
Eligibility requirements: – Applicants must have gross revenue of less than $5 million as determined by 2019 federal income or Form 990. – Applicants must have experienced a 30% decline in monthly gross receipts or monthly revenue in April and May of 2020 as compared to the same months in 2019.
Three-year loans can be used for a variety of expenses; require no personal guarantees or collateral, and have no payments for the first year. Loan terms to be between 1.5% and 2.5% or one-half of the Wall Street Journal Prime rate on the date the loan is approved.
Speakers at the webinars will include the City of Santa Fe’s Mayor Webber, the Office of Brian Egolf, the New Mexico Department of Economic Development, and the New Mexico Finance Authority. The city of Santa Fe’s Office of Economic Development encourages local organizations to become Service Providers and reach out to their network.
These are defined as a nonprofit or governmental organization that provides interactive, technical assistance to small businesses. Service Providers identified by eligible businesses will receive a fee of equal to one-half percent of the loan made to the very small business.
For more information contact Liz Camacho at firstname.lastname@example.org or 505 955-6042