Assistance for Businesses Affected by the COVID-19 Pandemic
The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act includes federal assistance in the form of Small Business Administration (SBA) loans to small businesses, certain nonprofits, and other employers that have been negatively impacted by the COVID-19 pandemic.
At the state and local levels, the New Mexico Economic Development Department (NMEDD) and City of Albuquerque have announced programs for business owners needing financial assistance. In California, the Governor’s Office of Business and Economic Development is offering financial and technical assistance to small businesses.
These programs are being developed rapidly to meet urgent needs. SLFCU is monitoring their guidelines and availability, and expect it could take a few weeks for the agencies to disseminate the necessary information to banks and credit unions so they can offer these loans.
SLFCU can assist current members only with these programs. The Credit Union is an approved SBA Lender, but we are not currently a preferred SBA lender, which would allow streamlined and expedited in-house approvals. Approved SBA lenders typically encounter a longer process due to the files being underwritten locally, then sent to a regional SBA office for final approval. SLFCU is actively working to determine if our status can be changed to preferred lender so we can fast-track the lending process for our business members.
HELPFUL LINKS
U.S. Small Business Administration - Economic Injury Disaster Program (EIDL)
- Online application
- Assistance for applying and new account signup (from the New Mexico Small Business Development Network)
- EIDL Fact Sheet
- Small Business Owner’s Guide to the CARES Act (from the New Mexico Economic Development Department)
SBA 504 Deferment/Express Bridge Loan
New Mexico Economic Development Department - Business Resources
California - Governor’s Office of Business and Economic Development
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