Small businesses that continue to recover from the pandemic still have relief options. Among them is the RELieF loan offered by Rural Community Assistance Corporation (RCAC) which provides up to $25,000 to help eligible rural businesses in New Mexico emerge from the pandemic.
RELieF, created during the pandemic, is short for Re-Emerging Loan Fund. RCAC Loan Fund Director Juanita Hallstrom said, “Since there are still Omicron, etc. happening, it is possible that people are still impacted.”
One of RELieF’s unique elements is access to business coaching technical assistance. Potential borrowers are asked to complete an initial application that is used to pair them with a coach. After working together to analyze their financial position and possible recovery scenarios, coaches refer borrowers to an RCAC loan officer who can tailor recovery options to a borrower’s specific circumstances.
Hallstrom said payments are structured to accelerate business recovery. “RELieF is only available for covid-related issues,” she said.
Hallstrom gave the example of Over The Moon, a food truck business that was helped by the loan program. “We were able to provide a RELieF loan for $25,000 in February 2022 – which was subsequently forgiven on August 9, 2022.”
RCAC is a community development financial institution that offers loans and lines of credit to businesses in rural communities. The nonprofit organization provides training, technical assistance, financial resources, and advocacy that fill gaps in communities with populations under 50,000.
Download the RELieF summary PDF.