Working Now Revolving Loan Fund

Download the Working Now forms: 

and see below for more information.

In your submission please upload:

  1. Loan Application

  2. Personal Financial Statement

  3. 2019 Tax Returns for Borrowing Entity OR Financial Statements as of 12.31.19

  4. 2019 Tax Returns for Guarantor

  5. Most Recent Financial Statements for Borrowing Entity

  6. Current Business License

  7. Valid Identification (Driver’s License or Passport)

Submit Application

Max file size 15MB

1. Upload Application
2. Upload Personal Financials
3. Upload Tax Documents
4. Upload Guarantor Taxes
5. Upload Recent Financials
6. Upload Business License
7. Upload Identification
Any Additional Uploads

Purpose

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. 

 

Potential Uses

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

Eligibility

  1. Small businesses located in Santa Fe, Rio Arriba, Los Alamos, Taos, San Miguel, Mora or Colfax counties are eligible.

  2. For-profit and non-profit businesses are eligible.

  3. 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.

  4. 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.

  5. Businesses must be current with all federal loans, federally-assisted financing and NCNMEDD RLF loans to be eligible.

Additional Information on Required Documents

Personal Financial Statement Requirements

While the loan will not have collateral, it does require a personal guarantee, please upload a filled in copy of the personal financial statement template. 

2019 Tax Returns for Borrowing Entity OR Financial Statements as of 12.31.19

Please upload a copy of the Borrowing Entity’s 2019 Tax Returns.  If they are not available or have not been submitted, please submit a copy of the Borrowing Entity’s 12.31.19 Profit and Loss Statement and Balance Sheet. 

 

2019 Tax Returns for Guarantor

Please upload a copy of the Guarantor’s 2019 Tax Returns.  If they are not available or have not been submitted, please leave blank. 

 

Most Recent Financial Statements for Borrowing Entity

Please upload a copy of the most recent completed Profit and Loss Statements and Balance Sheet for the Borrowing Entity. 

 

Technical Assistance

An option for technical assistance is available to all Working Now loan participants. For more information about the Technical Assistance program, see our Technical Assistance page

Contact 

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
505-356-9600
keithf@ncnmedd.com

 

© North Central New Mexico Economic Development District

3900 Paseo del Sol, Santa Fe, NM 87507