Small Business Recovery Loan Fund 2021/2022 – The Small Business Recovery Loan Fund makes available nearly $500 million to provide loans to businesses that experienced financial hardship resulting from the COVID-19 pandemic.
Small Business Recovery Loan Fund
Businesses that received a Small Business Recovery Loan in 2020 are eligible to apply to refinance their loan under the new guidelines to receive a longer term and/or larger amount.
Please note that this is a loan program, not a grant program.
When can I apply?
- The application will open at noon on May 4, 2021, and be open until noon on May 31, 2022, or sooner should the funds run out.
- The loan applications will be processed on a first-come, first-served basis.
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How do I apply?
- The application will be available online at www.nmfinance.com.
- The application will require to your set-up an account, which will allow you to save your application in progress. This means you can work on your application, save your work, and return to the application to complete it and submit it. The application must be submitted by an Authorized Officer, as defined below.
Can I see where my application is in the process?
Yes. After you submit your application, you will be able to log into your account to see where your application is in the process. Your application will be in one of the following stages: submitted, in review, approved, declined, funding pending, or funded.
Will a credit report be reviewed as part of the loan application?
Yes. A credit report for the business will be reviewed as part of all loan applications. To be eligible for a loan, the credit report must be free of any creditor collection efforts or creditor charge-offs from telecommunications, utilities or rent creditors in calendar year 2019. Additionally, NMFA will utilize enhanced technology in order to verify applicant identity.
READ – USA COVID-19 Small Business Loans/Grant
For applicants seeking greater than $75,000, the credit report must meet the above requirements and a personal guarantee is required for the amount above $75,000. If the credit report has credit collection efforts or creditor charge-offs in calendar year 2019 other than those described above, the applicant will be required to provide collateral on the loan amount above $75,000.
What is the one-time passcode verification?
NMFA is using a system that may require you to answer additional questions to verify your identity. This system was implemented to guard against fraud and to protect the state’s investment in New Mexico businesses. In the application, you may need to provide a phone number and choose to receive either a text message or a voice message, after which you’ll be asked a series of questions that must be answered correctly before proceeding with the application.
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I’ve never had a loan and don’t have much credit history.
Am I still eligible to apply?
Yes. Lack of credit will not negatively affect your loan application.
What is an Authorized Officer?
An Authorized Officer is the person authorized by the applicant as having the requisite power and authority to sign the Officer’s Certificate and legally bind the applicant to its obligations under the Loan Agreement.
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