The New Mexico Recovery Fund, L.P. is accepting applicants. The following document provides an initial overview of the program for potential applicants. There is no guarantee there will be money available to lend from the program.

» Overview for potential applicants



» Descripción general para solicitantes potenciales

The New Mexico Recovery Fund, L.P., is a $100m direct lending facility designed to help New Mexico based businesses make it through the current crisis. The money comes from the State Private Equity Investment Program and can offer differential interest rates (i.e. low) in order to support economic development. On behalf of the State, we’re ready to lend, and we’re ready to lend at attractive rates. We’re working hard to support economic recovery. We’re also working hard to make sure that every New Mexico business that could benefit from the program knows where to find us.

Eligibility:

New Mexico based business (see below.)

40 or more New Mexico based employees.

Demonstrable negative COVID-19 economic impact.

Commit to spending at least 80% of loan proceeds in New Mexico.

Loan Description:

$500k - $10m loan size, up to 1x annual operating expense.

Four-year term.

No cash payments during the first year.

15% principal payment at the end of year two, 15% at the end of year three, remainder due at loan maturity.

No prepayment penalties.

3%-10% interest rates (usually the low end of that range).

The Eligibility Questionnaire will include:

A Brief Business Overview. Brief Backgrounds of your CEO/President/Owner and CFO/Controller. Summary Financial Information: 2017, 2018 and 2019 Sales, Gross Profit, Operating Expense, Net Operating Income (After Rent Expense, Before Interest and Depreciation), Interest Expense, Depreciation, Debt or Equity Raised.

Year-end 2019 Cash, Accounts Receivable, Total Assets, Accounts Payable, Total Debt, Total Liabilities, Shareholders Equity.

Year-end 2019 New Mexico Employees, Current New Mexico Employees.

Year-end 2019 New Mexico Payroll, Current New Mexico Payroll.

Commentary on the impact to the number of employees and payroll should you qualify for a loan in value up to 2019 operating expense.

Estimated number of New Mexico jobs saved if your company qualifies for a loan.

What percent of loan proceeds will be invested in New Mexico?

Per New Mexico Statute - “New Mexico business” means, in the case of a corporation or limited liability company, a business with its principal office and a majority of its full-time employees located in New Mexico or, in the case of a limited partnership, a business with its principal place of business and eighty percent of its assets located in New Mexico.