Business Loans in New Mexico

New Mexico is a splendorous place to start a business. The state is also very business-friendly—a place where a loan can help you succeed.

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Types of Business Loans in New Mexico

The Land of Enchantment is a bountiful home to many small businesses, with a favorable corporate tax rate and a booming tourism industry. A business loan can strengthen your company and prime it for triumph in New Mexico.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local New Mexico Business Loan Options

Several non-profits service low-interest loans to small businesses that set up shop in the Lone Star State.

New Mexico Bank & Trust has a growing suite of commercial lending programs, and they have branches throughout the state. This bank even provides educational resources like cash flow modeling.

United Business Bank is another popular New Mexico bank with multiple locations in the state and the wider western United States. The fact that they cater to entrepreneurs is right in their name.

The New Mexico Finance Authority is a clearinghouse for connecting New Mexico businesses interested in working on government projects with financing.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

FAQ about Small Business Loans in New Mexico

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FAQs

What other resources are available to New Mexico small businesses?

Various state agencies came together to create the New Mexico Business Portal, a powerful online one-stop resource for any company operating in the Land of Enchantment. SCORE, which is partnered with the SBA, has a notable presence in New Mexico and provides trainings, a learning library, and networking opportunities. You should also get in touch with New Mexico’s Small Business Development Center (SBDC), which has offices throughout the state and can help you plan and grow your company.

What New Mexico small business grants are available?

If you are impacted by a natural or economic disaster, you should see if you qualify for grants from the All Together NM Fund, a granting initiative that started in the wake of the pandemic and continues in its aftermath. If you are located in the Albuquerque area, the City of Albuquerque Economic Development Department maintains a running list of grants and other incentives for small businesses in the metropolitan region. As a small business, you should consistently check USGrants.org for potential grant opportunities, especially if your business works in childcare, education, tourism, or technology.

What do I need to qualify for a loan in New Mexico?

To secure funding, you first need to structure your company—for instance, as a sole proprietorship, corporation, or limited liability company (LLC). Depending on your corporate structure, you may need to register with the Secretary of State. In New Mexico, you’ll also need a license to work in some industries. Once your company is legally set up, you can begin to apply for loans. To qualify for loans, most lenders will want you to have a good personal credit score and provide accurate financial documentation. Some financiers will also require you to show them your business plan.

Which loan is right for my New Mexico business?

The right loan for your New Mexico business is one that will assist your company in growing over time, but also won’t squeeze your cash flow due to repayments. A business line of credit, for example, might be best structured to help a tourism business deal with the uneven cash flow that comes with seasonality. On the other hand, a term loan might work best if you run a chain of fast-food restaurants that requires a large outlay of cash up front.

How can a New Mexico business loan help my business?

A New Mexico business loan can help your business immensely by allowing you to acquire amazing talent, open new locations, obtain necessary equipment, and launch a tantalizing marketing campaign.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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