Working Now Revolving Loan Fund
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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.
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 $10,000
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
How to Apply
Visit ncnmedd.com, download and complete the application form. The application requires:
Description of the following:
The business—location, tenure of operations, good or services sold
Viability of the business prior to the COVID-19 pandemic
How COVID-19 affected the business
Recovery plan for the business
2019 tax returns
Current business license
Valid Drivers License or Passport
Applications may be emailed to Keith Flynn, Loan Officer at
Small businesses located in Santa Fe, Rio Arriba, Los Alamos, Taos, San Miguel, Mora or Colfax counties are eligible. Businesses in Sandoval County should consult with NCNMEDD before submitting an application.
For-profit and non-profit businesses are eligible.
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.
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.
Businesses must be current with all state and federal government debt obligations, taxes, and all other NCNMEDD loans to be eligible.
Personal Financial Statement Requirements
2019 Tax Returns or Internally Prepared Financial Requirement
Business Licence Requirement
For more information about the Working Now Program or for other questions about the program or application process, please contact:
Keith Flynn, Loan Officer
North Central New Mexico Economic Development District
3900 Paseo del Sol
Santa Fe, NM 87507