The Opportunity Enterprise Revolving Fund offers low-cost financing for purchasing, planning, designing, building, surveying, improving, operating, furnishing, equipping, or maintaining land, buildings or infrastructure. Eligible businesses must be engaged in a project that increases the inventory of commercial space in New Mexico while creating or expanding economic opportunity in the state.

The New Mexico Legislature created the loan fund in 2022 to provide financing for building or renovation projects to increase the inventory of commercial space that will attract businesses to New Mexico communities, allow existing businesses to expand their operations, and achieve economic benefits for the state.

Loan terms are advantageous: The fixed interest rate is equal to 60 percent of the Wall Street Journal prime rate on the date the loan is approved, with interest-only payments due the first three years and no pre-payment penalty if the loan is paid off prior to the 15-to-30 year term. For-profit and nonprofit entities are eligible to apply.

The OERF is governed by the Opportunity Enterprise Review Board in partnership with the New Mexico Economic Development Department, and it is administered by the New Mexico Finance Authority, which offers more details on its website and has prepared a video to guide applicants.

The application deadline for the first round is July 31, 2023. Additional rounds are expected until the $70 million loan fund is depleted.