Over $1 Million in SBA Relief Approved to Help New Mexico Rebuild After Storms and Flooding

WASHINGTON - The U.S. Small Business Administration (SBA) has approved more than $1 million in federal disaster loans to support New Mexico businesses, private nonprofit (PNP) organizations and residents affected by the June 23-Aug. 5 severe storms, flooding and landslides. To date, the SBA has provided $696,800 to businesses and $427,800 to residents in the wake of this disaster.

"Surpassing $1 million in disaster loans reflects more than just numbers - it represents small businesses reopening, families returning home and communities rebuilding more effectively," said Chris Stallings, associate administrator for the SBA's Office of Disaster Recovery and Resilience. "These loans provide vital support for recovery, and we encourage anyone still in need to apply before the deadline."

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs including faith based organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

Interest rates are as low as 4% for businesses, 3.625% for PNPs and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Oct. 15, 2025. The deadline to return economic injury applications is April 22, 2026.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit https://www.sba.gov.