The Statewide Focus November Newsletter Final 3 | Page 12

COMMUNITY NEWS & EVENTS CEP Actively Enrolling Lenders and Projects Small businesses often struggle to meet collateral requirements from lenders when trying to secure a business loan. We want to help make it easier! The New Mexico Credit Enhancement Program can help cover shortfalls in collateral for small business loans (up to $250,000). We are actively looking for projects and lenders interested in participating. What is it?  The NMEDD can pledge a certificate of deposit in a lending institution to cover collateral shortfall of a commercial loan to enable financing that otherwise might not be available to a small business.  Preference is given to business owners who are women, veterans, or members of other socially disadvantaged groups in rural areas who are creating jobs.  Eligible business applicants can be in start-up or expansion phases. Eligible loan uses can include but are not limited to the following: asset purchases, startup costs, working capital, franchise fees, equipment and inventory. CEP Process 1. Lender enrolls in the program 2. Lender and borrower submit application to NMEDD 3. Application is reviewed by NMEDD review team 4. Lender underwrites loan NMEDD funds CD to collateralize loan Find more information and enrollment documents here: https://gonm.biz/business-development/edd-programs-for-business/finance- development/nm-credit-enhancement-program Contact Johanna Nelson at [phone] or [email protected] with questions.