Bingo! New Mexico Business Owners Have Access to $25 Million in SBA Loans

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The nonprofit, state-launched New Mexico Small Business Investment Corp. has a new RBC Impact Fund that will target small businesses with annual revenue up to $7.5 million and less than 500 employees. The loans would be in amounts from $150,000 to $5 million.

For small business New Mexico business owners, another $25 million in Small Business Administration loans is now available to New Mexico small businesses unable to secure traditional bank loans.

The NMSBIC funding is available to any SBA loan lender in New Mexico, but the funding primarily will go to DreamSpring, Lendistr and Capital Impact Partners, which are all Community Development Financial Institution lenders that focus on lending to underserved markets.

Learn more on how New Mexico small businesses can tap into $25 million in SBA loans. 

Today in Global Small Business: Pivoting Saves a Global Small Business

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What's affecting me, my clients, my colleagues and other global small business owners:

• Colorado-based New Age Beverage acquired a $6.8 million Paycheck Protection Program (PPP) loan on April 14, during the first round of loan approvals of funds from the SBA.  New Age is among dozens of publicly traded companies across the country that have received the small-business loans. At least 14 of these publicly traded companies are based in Colorado.  Review more here – it's disturbing.
• Small businesses across the United States face dire circumstances following the COVID-19 outbreak. While each individual small business might seem inconsequential to the broader economy, in aggregate, these firms are critical to the country’s financial well-being.
• Quote of the week: “Sometimes you have to see it to be it; you have to know something is a career option in order to aspire to it,” Hannah Storm, an anchor at ESPN’s “SportsCenter,” wrote in an email. “Which means someone has to be first. That was Phyllis George — a true trailblazer.”  Note:  Trailblazing sportscaster and former Miss America Phyllis George passed away, May 16, 2020; may she rest in peace.
• Pivoting to make plexiglass ‘sneeze guards’ for retailers saves a [global] small business in Michigan.
• Small businesses will need to find innovative ways to mitigate economic impact due to COVID-19.
• Global Graphics' owner Jason Withrow and his team wanted to do something to encourage businesses to stay strong during these uncertain times.  Here's what he did.