Small Business Recovery Loan Fund 2021/2022 – apply now
Small Business Recovery Loan Fund 2021/2022 – The Small Business Recovery Loan Fund provides nearly 500 million SOL loans to companies in financial difficulty due to the COVID-19 pandemic.
Small business recovery loan fund
Remember, this is a loan program, not a grant program.
When can i apply?
- The application will open in 2021 and be open until 2022.
- Loan applications are processed according to the “first come, first served” principle.
How do I apply?
- The application will be available online at www.nmfinance.com.
- The app must create your account in order to save the running app. This means that you can work with your program, save your work, and return to the program to complete and send it. The application must be made by an authorized representative as defined below.
Can I see where my application is going?
Yes. Once you’ve applied, you can log into your account and see where your application is going. Your application is in one of the following phases: submitted, reviewed, approved, rejected, pending grant, or funding.
Is the credit report checked as part of the loan application?
Yes. The company’s credit report is checked as part of all loan applications. To qualify for a loan, no creditor efforts or creditor fees need to be billed from creditors of telecommunications, utility, or rental creditors in the 2019 calendar year. In addition, the NMFA will use advanced technology to verify the applicant’s identity
A credit report must meet the above requirements for applicants seeking more than $ 75,000, and a personal guarantee is required for amounts greater than $ 75,000. If the credit report for 2019 is during the calendar year, credit collections or deductions will be made by creditors. Aside from the above, the applicant must submit a loan greater than $ 75,000.
What is one-time password verification?
The NMFA uses a system where you may have to answer additional questions to verify your identity. This system was put in place to prevent fraud and protect public investments in business in New Mexico. You may need to enter a phone number in the app and receive a text or voice message. You will then be asked a few questions that must be answered correctly before continuing with the app.
I’ve never had a loan and don’t have a lot of credit history.
Can I still apply?
Yes. A lack of credit will not negatively affect your loan application.