The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in New Mexico about the approaching deadline of March 20, 2025, to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by the South Fork Fire, Salt Fire, and subsequent flooding that occurred between June 17 and August 20, 2024.
The disaster declaration encompasses several counties across multiple states: Chaves, De Baca, Doña Ana, Eddy, Guadalupe, Lincoln, Los Alamos, McKinley, Mora, Otero, Rio Arriba, San Juan, Sandoval, Santa Fe, Sierra, Socorro, Taos, Torrance in New Mexico; Apache County in Arizona; Archuleta, Conejos, La Plata and Montezuma counties in Colorado; Culberson, El Paso and Hudspeth counties in Texas; and San Juan County in Utah. The Mescalero Apache Tribe region is also included.
Through this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses and private nonprofits that experienced financial setbacks due to the disaster. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs are designed to cover working capital needs resulting from the disaster. They can be used for expenses like fixed debts and payroll even if no physical damage was sustained by the business or nonprofit. Loans can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits. Terms can extend up to 30 years with interest not accruing until a year after the first loan disbursement.
For further details or to apply online for these loans visit sba.gov/disaster. Additional information can be obtained by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
The final date for submitting economic injury applications is March 20.