Working Now REVOLVING LOAN FUND
In your submission please upload:
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Loan Application
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Personal Financial Statement
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2020 Tax Returns for Borrowing Entity OR Financial Statements as of 12.31.20
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2020 Tax Returns for Guarantor
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Most Recent Financial Statements for Borrowing Entity
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Current Business License
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Valid Identification (Driver’s License or Passport)
Purpose
The Working Now Loan Program was developed in response to the COVID-19 Pandemic through funding from the US Economic Development Administration (EDA). These loans are available to small businesses in the NCNMEDD region for relief from the impacts of COVID-19.
Potential Uses
Working Now funds can be used for to help businesses affected by the pandemic. Uses may include but are not limited to payroll, rent, inventory, marketing, ecommerce development, personal protective equipment, other equipment and small capital improvements.
Loan Terms & Structure
Loan Amount - Up to $25,000
Loan Term - Up to 42 months, 36-month amortization, 6-month deferment
Application Fee - $300 (Deducted from Loan Proceeds)
Interest Rate - 4 percent
Collateral - None
Eligibility
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Small businesses located in Santa Fe, Rio Arriba, Los Alamos, Taos, San Miguel, Mora, Colfax or Sandoval counties excluding the city of Rio Rancho are eligible.
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For-profit and non-profit businesses are eligible.
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Ineligible uses of loan proceeds include financing non-business endeavors, passive real estate, and repayment of delinquent taxes or taxes held in trust or escrow.
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Ineligible businesses include bars, pyramid schemes, gambling, lobbying, financial businesses primarily engaged in the business of lending, life insurance companies, businesses engaged in illegal activity, private clubs which limit the number of memberships for reasons other than capacity, government owned entities, businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting, consumer and marketing cooperatives (producer cooperatives are eligible) and speculative businesses.
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Businesses must be current with all federal loans, federally-assisted financing and NCNMEDD RLF loans to be eligible.
Additional Information on Required Documents
Personal Financial Statement Requirements
While the loan will not have collateral, it does require a personal guarantee, please upload a filled in copy of the personal financial statement template.
2020 Tax Returns for Borrowing Entity OR Financial Statements as of 12.31.20
Please upload a copy of the Borrowing Entity’s 2020 Tax Returns. If they are not available or have not been submitted, please submit a copy of the Borrowing Entity’s 12.31.20 Profit and Loss Statement and Balance Sheet.
2020 Tax Returns for Guarantor
Please upload a copy of the Guarantor’s 2020 Tax Returns. If they are not available or have not been submitted, please leave blank.
Most Recent Financial Statements for Borrowing Entity
Please upload a copy of the most recent completed Profit and Loss Statements and Balance Sheet for the Borrowing Entity.
Technical Assistance
An option for technical assistance is available to all Working Now loan participants. For more information about the Technical Assistance program, see our Technical Assistance page.
Contact
For more information about the Working Now Program or for other questions about the program or application process, please contact:
Chris Madrid, Community Development Director
North Central New Mexico Economic Development District
3900 Paseo del Sol
Santa Fe, NM 87507
505-920-9257
chrism@ncnmedd.com
NCNMEDD is excited to announce the new Working Now revolving loan program. Working Now loans are now available to help small businesses affected by the pandemic with expenses like payroll, rent, inventory, marketing, ecommerce development, personal protective equipment and small capital improvements. In addition to funding, NCNMEDD will offer borrowers technical assistance throughout the life of the loan to foster business success and sustainability.
The Working Now loan process is simple and straightforward. The terms and conditions of the loan will not change, and the review process is streamlined. Our office is here to help you every step of the way.
For more information or to submit an application, click below or contact Felicity Fonseca at (505) 356-9098 or by email at felicityf@ncnmedd.com.
The NCNMEDD Revolving Loan Fund partners with Northern New Mexico banks to provide participation loans that fill financial gaps for businesses located in the counties of Colfax, Los Alamos, Mora, Rio Arriba, San Miguel, Sandoval, Santa Fe, and Taos.
During the life of the Fund, NCNMEDD has lent almost $3.5 million to 49 firms on projects that generated $15 million of business development activity and over 1,000 jobs created and retained in the region.