Business owners can apply for low-interest loans through
March 30 from the New Mexico Finance Authority, which has available up to $46
million in New Markets Tax Credits.
This funding can be used to develop or expand commercial,
industrial, retail and service businesses. The tax credits can provide low-cost
gap financing for projects and expansions that are greater than $5 million, and
the benefits include lower cost of capital, more flexible terms (such as higher
loan-to-value ratios, lower debt coverage requirements and extended
interest-only payment periods), and the potential for a significant portion of
the capital to stay in the project at the end of a seven-year compliance period.
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