NM Delegation Reminds Non-Farm Businesses to Apply for SBA Disaster Loans by Oct. 5

WASHINGTON - Today, U.S. Sens. Tom Udall and Martin Heinrich and U.S. Reps. Steve Pearce, Ben Ray Luján and Michelle Lujan Grisham reminded small non-farm businesses in 11 New Mexico counties to apply by Oct. 5 for Small Businesses Administration (SBA) federal disaster loans to offset economic losses caused by the drought last year. Businesses in Cibola, Curry, De Baca, Guadalupe, Harding, Mora, Rio Arriba, Roosevelt, San Miguel, Sandoval and Taos counties may be eligible to apply.

Small non-farm businesses, small agricultural cooperatives and most private nonprofit organizations may apply for Economic Injury Disaster Loans (EIDL) of up to $2 million to help pay for working capital needs that cannot be paid due to the drought, including fixed debts, payroll, accounts payable and other bills. The interest rate for the loans is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant's financial situation.

"The dry conditions across New Mexico last year took a severe toll on our small businesses, and we're pleased the SBA is offering recovery resources to our communities," said the lawmakers. "We encourage eligible businesses and organizations that suffered due to the drought to apply for these low interest loans by Oct. 5."

Applications may be submitted online through the SBA at https://disasterloan.sba.gov/ela .