PNM makes it easier for New Mexico small businesses trying to get financial help by joining forces with the New Mexico Small Business Development Center

Category: Non-Local News Releases Non-Local News Releases
Published: 09 April 2020 09 April 2020

PNM activates own customer call center to proactively reach small businesses

(Albuquerque, N.M.) – Today, PNM, the state's largest energy company, announced it would join forces with the New Mexico Small Business Development Center and pave the way for New Mexico small businesses trying to get federal, state, and local COVID-19 financial help. By the utility enlarging the state's small business support through this partnership, it helps small business owners sift through the financial assistance information and fast tracks the money they need for their business to survive.

"New Mexico is a place we live, work, and raise our families. We care about our small businesses who are struggling so much during this pandemic, which is why I have activated our own local PNM call center resources to proactively reach out to small business customers," said Pat Vincent-Collawn, PNM chairman, president, and CEO.

"At a time when everyone is being saturated with coronavirus information, this partnership will help New Mexico small business owners know where to turn for direct assistance when they are overwhelmed and worried about the survival of their business."

PNM will be reaching out to its New Mexico small business customers in a variety of ways, including personal phone calls in the entertainment, hospitality, food services, and retail sectors to directly guide them through the information.

"Small businesses call New Mexico home and when this pandemic hit the state, it hit small businesses hard," said Russell Wyrick, New Mexico Small Business Development Center executive director. "Small businesses are crucial to local economic health, keeping money close to home, and supporting neighborhoods and communities. We are able to help them navigate through the layers of COVID-19 information and get them the financial help they truly need but funding is often first come, first serve, so it is crucial small businesses act quickly."

Under the federal Coronavirus Aid, Relief, and Economic Security Action (CARES), small businesses, with up to 500 employees, will see financial relief by allowing them to pay their employee salaries, paid sick and medical leave, health care insurance premiums and utilities. According to a State of New Mexico Office of the Governor news release, there are two loan programs for small businesses under the stimulus bill: the Economic Injury Disaster Loan Program and the Paycheck Protection Program. Under the Economic Injury Disaster Loan Program, a small business can borrow up to $2 million, with an immediate grant advance up to $10,000 that can be distributed in three days to a business. Under the Paycheck Protection Program, a small business can borrow up to $10 million, with an interest rate of 1 percent. The loan is deferrable for six months. State and local financial support may be available too.

PNM and the New Mexico Small Business Development Center urge New Mexico small businesses to apply for federal relief and stimulus package as soon as possible. While applying for these loans, small businesses will need to provide some proof of various things, including a copy of their most recent PNM bill, and PNM wants to help provide the tools for small businesses to get what they need. For more businesses to receive help from the Small Business Development Center, email info@nmsbdc.org or visit nmsbdc.org. For more information on what PNM is doing to help, visit pnmforwardtogether.com/covid19bizhelp or call 888-245-3659.

About New Mexico Small Business Development Center
The New Mexico Small Business Development Center (NMSBDC) assists hundreds of New Mexico's existing small businesses with the technical management expertise needed to succeed and grow. For more than 25 years, the NMSBDC network has made a meaningful difference in the lives of New Mexicans, and the communities we call home. For more information, visit NMSBDC.org.  

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