Informational Webinar: Opportunity Enterprise Revolving Fund

Description

Please join us on Friday, July 7 at 9:00 a.m. for an informative webinar about the new Opportunity Enterprise Revolving Fund. 

The Opportunity Enterprise Revolving Fund is now accepting applications for low-interest loans to be used to increase the inventory of commercial facilities in New Mexico. The loan funds can be used to create a new building or renovate an existing building, and the building’s tenant does not need to be known - the building can be built on spec, for instance. Projects are expected to attract businesses to the state, create jobs, and diversify the economy. 

The application deadline for the first round is July 31, 2023. The first round will fund $17.5 million in loans, which is 25% of the $70 million total loan fund. The interest rate will be a fixed rate at 60% of the Wall Street Journal prime rate. The loan term will be 15-30 years and the loans may be paid off in advance with no pre-payment penalty. The maximum loan amount is $17.5 million. 

Governed by the Opportunity Enterprise Review Board in partnership with the New Mexico Economic Development Department and the New Mexico Finance Authority, the Opportunity Enterprise Revolving Fund was created by the New Mexico Legislature in 2022 with a $70 million appropriation. The OERF application process is administered by the New Mexico Finance Authority. 

Plan to bring your questions to learn more about OERF and how it could provide economic benefits for your community. We look forward to seeing you!