The San Juan College Small Business Development Center is available to help small businesses find access to low-interest loans during the COVID-19 crisis.
Small businesses, meeting the criteria of 500 or fewer employees, can receive loans as low as 3.75% with terms up to 30 years. Nonprofit organizations can receive loans as low as 2.75%. These working capital loans can be used to pay fixed debts, including rent, and mortgages; payroll; accounts payable; and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits for expansion. The funds cannot be used to pay down long-term debt. The first payment will not be due until one year after the loan is funded.
Small businesses may qualify for loans up to $2 million. Eligibility for these working capital loans are based on the size and type of business and its financial resources. Eligible businesses that submit complete loan packages could receive money within three weeks.
Additionally, the New Mexico Economic Development Department has created a program to assist local manufacturing businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. The Economic Development Department 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. Participating lenders in San Juan County include US Eagle Federal Credit Union and Washington Federal.
The San Juan College Small Business Development Center is available to assist local businesses in San Juan County via phone, email and zoom conferencing.
The center can be reached at (505) 566-3528 or SBDC@sanjuancollege.edu.
For statewide information about the Disaster Loan Program, visit www.gonm.biz or www.nmsbdc.org.
