SBA Stands Ready to Assist New Mexico Businesses and Residents Affected by Wildfires and Straight-line Winds

Low-interest federal disaster loans are now available to New Mexico businesses and residents as a result of President Biden’s major disaster declaration.

map of New Mexico highlighting Colfax Lincoln Mora San Miguel ValenciaThe declaration covers the following counties as a result of the wildfires and straight-line winds that began on April 5, 2022:

  • Colfax
  • Lincoln
  • Mora
  • San Miguel
  • Valencia 

“SBA’s mission-driven team stands ready to help New Mexico’s small businesses and residents impacted by wildfires and straight-line winds,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

 

Eligibility

Homeowners may apply for up to $200,000 to repair or replace damaged or destroyed real estate.

Renters and homeowners may borrow up to $40,000 to replace or repair damaged or destroyed personal property.

 

Interest rates can be as low as:

  • 2.94% for businesses
  • 1.875% for private nonprofit organizations
  • 1.438% for homeowners and renters
  • Terms up to 30 years


THE PROCESS

  1. CHECK DISASTER DECLARATIONS - To be considered for all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.govAs soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. 
  2. APPLY FOR A DISASTER LOAN - SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
  3. CHECK YOUR STATUS - Log in to your account and check your email for updates.

 

*Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Additional information and details on the location of disaster recovery centers is available by calling the

SBA Customer Service Center 
at 1-800-659-2955