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.

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.

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.

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.

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.