• NMEDD offering assistance to businesses affected by COVID-19 crisis

    March 13, 2020
    New Mexico Offers New Loan Program, Priority Assistance to Virus-Impacted Businesses
    SANTA FE, N.M. – The state of New Mexico is adjusting its business loan guarantee programs in order to make capital available to business owners whose operations are severely impacted by the COVID-19 health emergency, Economic Development Department Cabinet Secretary Alicia J. Keyes announced today.
    Secretary Keyes said that national and international impacts from the virus might affect businesses as they see fewer consumers and a tightening of the supply chain.
    “We know business owners are resilient and the EDD is looking to help out wherever we can to keep a business operating and save jobs,” Secretary Keyes said.
    Information on the programs are available on the COVID Business Assistance page on the EDD website.
    The two programs available to help business during this emergency are:
    COVID-19 Business Loan Guarantee Program: The Economic Development Department (EDD) has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. EDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory, and payroll.
    Lenders and borrowers can apply online, for more information contact EDD-Finance@state.nm.us, 505-469-6204 or mark.roper@state.nm.us, 575-562-0327.
    Local Economic Development Act (LEDA): LEDA is a signature program at the EDD that provides grants to help economic development based businesses pay for land, buildings, and infrastructure to relocate or expand. Under the Statewide Public Health Emergency declaration, Governor Michelle Lujan Grisham has authorized the EDD to make no-interest loans from LEDA to assist COVID-19 impacted businesses as well.
    The loans are limited to expenditures for land, building, and infrastructure, and can also be used for lease abatement or mortgage assistance.
    Companies applying for the loans must be a qualified manufacturing business with over 50% of its revenue outside of New Mexico or a retail business in a community under 15,000. All loans will be required to provide security equal to the amount of the loan.
    Businesses interested in LEDA should contact their regional development representative.
    The EDD is hosting a webinar on emergency economic assistance available to businesses TODAY, Friday March 13. The webinar will be posted online for those businesses that are not able to participate at noon.
    COVID-19: Information and Resources for Businesses
    Mar 13, 2020 noon MDT
    Registration required. Register online now.
    Download these helpful fact sheets for more information:  
    For information on all of EDD's programs go to gonm.biz. For specific COVID-19 business information go to https://gonm.biz/about-us/covid-19-response/
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