The funds must be used to create or expand economic development opportunities within the state.
Source: New Mexico Finance Authority
Application now open. The application round will close March 1, 2024.
Created by the Opportunity Enterprise Act in 2022, the Opportunity Enterprise Revolving Fund is a loan program that provides financing for building or renovation projects to increase the inventory of commercial space that will attract businesses to New Mexico, allow existing businesses to expand their operations, and achieve economic benefits for the state.
The OERF application consists of three parts:
Part 1 determines eligibility for financing;
Part 2 is the project application, which is scored and prioritized based on specific criteria in the OERB Evaluation and Prioritization Policy: and
Part 3 is a loan application that is reviewed for financial soundness and ability to repay the loan. Only businesses whose applications score high enough to be prioritized by the OE Review Board will be invited to submit a loan application.
Before you apply, please review the “Resources” section at the right. In particular, we recommend you review the scoring matrix in the OERB Evaluation and Prioritization Policy to determine if your project application would be competitive.
All information provided in Parts 1 and 2 should be considered public information and subject to the Inspection of Public Records Act.
Questions? We’re happy to help. Please call (505) 992-9687 or email OERF@nmfa.net.
Application
Application now open. Application must be submitted by March 1, 2024
Log into your existing NMFA account or request access to create an account for the OERF.
Not yet ready to apply, but interested in the program?
Please click here to provide NMFA with information about your business and your interest.
Eligibility
Both for-profit and nonprofit entities are eligible to apply.
Business types include the following:
- domestic corporation
- general partnership
- limited liability company
- limited partnership
- public benefit corporation
- nonprofit entity
- other private business entity or combination of entities
Businesses need to be engaged in a project that increases the inventory of commercial space in New Mexico, while creating or expanding economic opportunity in the state.
Applicants must provide sufficient evidence that other means of financing their project are unavailable or insufficient.
Information
Following is information that may be helpful for potential applicants, but is not a list of all the requirements.
Loan Terms
- The interest rate will be equal to 60% of the Wall Street Journalprime rate on the date the loan is approved, but will be no less than 3%. The interest rate is fixed for the term of the loan.
- The loan term will be between fifteen and thirty years.
- Interest-only payments will be due the first three years.
- After the third year, principal and interest payments will be due monthly.
- The loan may be paid off in advance with no pre-payment penalty.
Loan Amount
Loan amounts are not to exceed $17,500,000.
Use of Loan Funds
Loan funds may be used for purchasing, planning, designing, building, surveying, improving, operating, furnishing, equipping or maintaining land, buildings or infrastructure.
The funds must be used to create or expand economic development opportunities within the state.
