New Mexico Community Development Revolving Loan Fund (CDRLF) « Back to Search Results
New Mexico Community Development Revolving Loan Fund (CDRLF)

Category: State Incentives, Grants & Loans


AGENCY: Economic Development Department (EDD), Development Division
DESCRIPTION: The primary objective of the CDRLF is to provide assistance to political subdivisions of New Mexico to construct or implement projects necessary to provide services that will encourage the location of industry.
ELIGIBLE USE:
• Loan funds may be used for
• Infrastructure improvements;
• Acquisition of real property; and
• Construction, reconstruction, rehabilitation or installation of public facilities, site improvements and utilities.
PROGRAM/LOAN STRUCTURE:
• Maximum Program Benefits: This program provides loans up to $250,000. There is no minimum.
• Equity: Additional sources of funding are required.
• Maturities: The term is negotiable, not to exceed 10 years
• Rates: Loans are fixed at one half the Treasury bond equivalent rate. QUALIFICATION CRITERIA/COMMENTS:
• An applicant must be a political subdivision (incorporated municipality or county unit of government.
• The applicant must pass a Resolution authorizing submission of the application and an Ordinance authorizing repayment of the loan with a set-aside of gross receipts taxes.
• The project must be located on publicly owned property.
• For additional information, contact Mayling Armijo at Marcos.Gonzales@state.nm.us or call (505) 827-0264.
• Visit the economic development homepage at www.edd.state.nm.us.
 


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