Fulfer introduces coronavirus relief program for businesses.
Fulfer introduces coronavirus relief program for businesses.
Sen. Gregg Fulfer on his Facebook page introduced a new program that will assist businesses dealing with economic hardship as a result of the coronavirus.
Fulfer introduced the COVID-19 Business Loan Guarantee Program on Facebook, a new package to offer coronavirus relief to businesses.
“The New Mexico Economic Development Department has created a program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19,” said Fulfer's posting on his Facebook page.
“NMEDD 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,” Fulfer's Facebook posting said.
The loans can be used for lease reductions and even help paying a mortgage. A key stipulation is that the company has to be a qualified company. That means it cannot be a retail service or a business that has more than half of its revenue from outside of New Mexico.
Those interested are encouraged to contact their local representative.
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