Finance authority accepting applications
The New Mexico Finance Authority (NMFA) is accepting applications through March 30 for awarding low-interest loans for businesses in qualified low-income areas throughout New Mexico.
New Markets Tax Credits can provide low cost gap financing to fund projects and business expansions that are more than $5 million.
Benefits include lower cost of capital, more flexible terms (higher loan-to-value ratios, lower debt coverage requirements, extended interest only payment periods), and the potential for a significant portion of the capital to stay in the project at the end of a seven-year compliance period.
New Markets Tax Credits funding can be used to develop or expand commercial, industrial, retail and service businesses. Businesses have to pass certain criteria to qualify for the program, including being located in a census tract that has more than 20 percent of its population living in poverty. Communities with qualifying low-income census tracts include Alamogordo, Farmington, Clovis and Deming.
Interested parties can visit www.nmfa.netand click on "New Markets Tax Credits" to begin the application process.
Information: 505-984-1454 or email Marquita Russel at email@example.com.
Business Digest is compiled by CNJ staff writer Kevin Wilson. He can be contacted at 763-3431, ext. 313, or by email: