Businesses that were impacted by the COVID-19 pandemic still have access to a few recovery loan programs designed to propel companies toward growth by offering low interest rates and deferred payments. These loans are even more attractive as interest rates on traditional loans increase.

Recovering businesses shouldn’t wait to tap into these pandemic loan programs because without additional authorizations, many programs will conclude at the end of the year. Here are a few that are still active.

TrueGrit Growth Loan, offered by DreamSpring to covid-recovering businesses, is a two-year unsecured loan of up to $10,000 at 3 percent interest with a 6-month payment deferment available.

Re-Emerging Loan Fund (RELieF), offered by RCAC to re-emerging businesses in rural areas, is funding up to $25,000 at 3 percent interest. Financing terms are customized to each applicant’s situation.

Small Business Recovery Loan Fund, authorized by the State of New Mexico and available through the New Mexico Finance Authority, offers recovery loans of up to $150,000. Principal payments are deferred for one year, and interest is one-half of the prime rate at loan closing. (For example, loans that closed on August 3 would have likely carried interest of 2.75 percent.) Applications must be submitted by early December in order to close by the program’s deadline of December 31, 2022.

Working Now Revolving Loan Fund, available to pandemic-impacted businesses in eight Northern New Mexico counties served by the North Central New Mexico Economic Development District, offers loans of up to $25,000 at 4 percent interest with a 6-month payment deferment available.

The Loan Fund offers loans at interest rates that are customized to an applicant’s business circumstances. Low-cost loans are made possible by capital provided by the New Mexico Small Business Investment Corporation.

LiftFund also offers loans with customized interest rates that match the payback capabilities of a business.