The All Together NM Fund
The All Together New Mexico Fund will provide a phased response to the pandemic. First, it will address immediate needs in New Mexico communities, including:
Procurement of food and medical and cleaning supplies for at-risk communities
Support for childcare workers who are supporting our front-line employees
Grants to address income insecurity among smaller businesses and employees affected by COVID-19 disruptions
Later, the grant making process will shift to address income insecurity among affected workers and businesses and to fill gaps left by the government response. Finally, when the time comes, the fund will support recovery efforts. The application process and terms of grants are still in development.
Small Business Investment Corporation
In addition to the new Recovery Fund, there’s also a separate effort by the Small Business Investment Corp., a nonprofit that also receives a 2% allocation from the Severance Tax Permanent Fund, to make loans to small businesses through local microlending organizations. The SBIC expects to offer some of that money to microlenders at just a 1% interest rate to immediately channel near-zero-cost loans into the hands of struggling businesses.