Small business lenders in New Mexico support business growth and development through loan offers.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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For the over two million people that live in New Mexico, it is a state with a wide range of cultural and ecological differences. The state, called The Land of Enchantment, is home to Santa Fe, which happens to be the oldest capital in the country, having been founded in 1610. The state, which is the fifth largest in terms of land size, has a moderately sized population, which makes for large, remote areas.
It’s a vibrant place to call home with a mixture of American, Spanish, and Hispanic influences, as well as the strong Native American culture that’s present here. The area is incredibly beautiful and diverse with large cities like Albuquerque and beautiful state parks, including Bluewater Lake State Park, Rio Grande Nature Center State Park, and the Aztec Ruins National Monument. That may be why many people seek out this area to live.
With that comes a lot of diversity in the economy here as well. There are large industries here, including oil and gas production, along with aerospace, healthcare, cattle ranching, lumber, and technological resource. There are also many small businesses located in the state as well. The U.S. Small Business Administration shares that there are 161,921 small businesses operating in New Mexico as of October 2022. These smaller companies produce 346,374 jobs for those who live in the state and contribute a payroll valued at $13,708,900. While there are large companies that call New Mexico home, many of the state’s population is dependent on smaller companies for their household income.
Without a doubt, then, there is a need to offer small businesses in the state capital. There are a number of ways to obtain that capital as well, including through the use of small business lenders offering competitively priced loans. The Small Business Administration’s data shows that there are 768 small business loans in place right now, according to the latest three years of data. Those loans have a total value of $503,881,802 and an average loan size of $656,096. That’s a significant amount of money available to small business owners to put back into their companies.
New Mexico small business owners are reliant on capital for many needs, whether that includes growing their business, expanding into new areas, hiring new employees, or spending time modernizing. That often means turning to small business lenders. There are a number of options for borrowers, including smaller credit unions, big banks, private lenders, and other specialized lenders.
A small business loan is like most other types of loans in which borrowers obtain the capital they need and agree to repay the loan over time with interest. The terms of these loans are often versatile, sometimes spanning 5 to 10 years or more. They can be used for many needs as well, including purchasing equipment, investing in new technologies, research, marketing, and much more. This type of versatility makes small business loans attractive.
There are various types of small business loans in New Mexico, including:
Each loan has specific needs, and most businesses will not qualify for all of them. However, when reaching out to a lender, it is possible that the business will be able to customize a loan that fits their borrowing needs, including based on how much they wish to borrow and competitive terms that keep monthly payments affordable.
Lenders take on a significant amount of risk in these loans, which is why it is necessary to charge interest on these loans. They also do a significant amount of research to determine if lending to the company is financially feasible. This often includes looking over a variety of documents, such as balance sheets, bank statements, and profit and loss statements. In addition to this, most lenders will also use the business’s credit score or that of the business’s owner to determine the level of risk present.
As a startup company in the State of New Mexico, entrepreneurs usually self-fund their business or nonprofit. Nonprofit organizations can rely on donations or grants to get started, but those typically require a special filing status with the IRS. Other resources for New Mexico small business owners include the Small Business Recovery Loan Fund, a disaster loan for those businesses impacted by a natural disaster, grant programs, and information from the Small Business Development Center. Your eligibility for these programs depends on the loan term and other aspects about your startup business. Make sure to review all business resources before committing to a loan.
A typical New Mexico business might need loan funds to grow with economic development. Start with a business plan showing what you hope to achieve and what you’ve already achieved, and be clear about the purpose of the loan, whether it’s to buy real estate, hire new people, or to cover cash flow needs. Eligible businesses can get financial assistance from a credit union, bank, or loan fund to help them grow, and then repay that loan over time.
All lenders are different, and that means there are a lot of opportunities for businesses to find the loan that’s right for them. Yet, when you consider costs, timelines, and availability, it’s helpful to know which lenders really do stand out. Take some time to consider the options.
| Rank | Bank Name | # of New Mexico Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Western Commerce Bank | 36 | 5.09% | $554,839 |
| 2 | Bank of the West | 30 | 3.95% | $615,973 |
| 3 | First Savings Bank | 22 | 3.90% | $204,727 |
| 4 | U.S. Bank | 17 | 6.65% | $145,900 |
| 5 | Live Oak Bank | 12 | 5.35% | $1,955,833 |
| 6 | Wells Fargo Bank | 12 | 6.23% | $272,767 |
| 7 | Sunflower Bank | 11 | 4.56% | $1,227,718 |
| 8 | The Bank of Clovis | 11 | 5.84% | $563,146 |
| 9 | PNC Bank | 9 | 6.46% | $493,556 |
| 10 | Bank of the Southwest | 8 | 4.78% | $803,300 |
Started in June 1961, in Loving, New Mexico, Western Commerce Bank started as a single entity to serve the community. Now located in 6 cities throughout New Mexico, Western Commerce Bank is able to meet the needs of its customers with products for personal, business, and loans.
We reached out to Western Commerce Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Operating branches in 19 states, the Bank of the West is able to reach a large number of customers to help them with all of their banking needs. With products like small business loans, credit cards, and personal and business accounts, Bank of the West offers options for many.
We reached out to Bank of the West to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Located throughout Indiana, First Saving Bank is there to meet the needs of its customers with its 20 branches. Providing a number of banking services for businesses and individuals, First Savings Bank offers small business loans, home loans, deposit accounts for individuals and businesses, and investing opportunities.
We reached out to First Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
For a business to obtain a small business loan, it’s often necessary to build up a solid financial foundation. Having access to information and guidance to do that isn’t always easy to do. For a small business, there are some resources that can help.
At the heart of that is the Small Business Administration in New Mexico. It offers local programs and offices for one-on-one help, but it also provides individuals with a way to gather information through tutorials, articles, and guides on its website. This is also a good way to learn how to build credit, get loans, and evaluate expansion opportunities.
For those who want more hands-on support, it may be possible to obtain a mentor through SCORE. This organization was built by successful business professionals who take a step towards helping others. There are webinars, local workshops, and lots of connection opportunities available.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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