Business Loans

If you are based in New Mexico, need a business loan or have been turned down for a business loan, we may be able to help. Each situation is unique, so one of our partners will need to speak with you to find out specific details and help you identify a source of funding. Our lending partners offer business loans from $5,000 to $500,000, and competitive interest rates and terms tailored to your business and specifics. Please note that we cannot guarantee you will receive a business loan or what terms will be available to you. All we can promise is that we will try to help you. We strongly believe that small businesses should be the backbone of our economy and have dedicated our careers to helping small business owners to start businesses, improve business performance, and obtain business loans when it makes strategic sense to get them. To us, getting business loans only make sense if doing so 1) does not unduly burden the business with debt payments and 2) it helps the business to increase sales or reduce costs to not only cover the debt payments but increase profitability.

Here are some things you should consider if you are looking for a small business loan:

  1. Put yourself in the lender’s shoes–why should they lend you money? When applying for a loan, treat it as if you’re applying for a job. That means understanding your financial situation and deciding what you can use for collateral, which might include your car or house. A business person who has skin in the game shows they believe in their business.
  2. Figure out how much money you really need. Business owners often ask for more money than they need, which indicates to lenders that they don’t understand their own business, and increases chances of business loans being declined.
  3. Learn from mistakes. If one lender rejects you, find out why. When you go to the next small business lender, make sure you’ve addressed the reason for the prior rejection.
  4. Be prepared to provide a business plan, even if it’s just a few pages. This will help the lender understand your business better and also gauge how business savvy you are.
  5. We recommend you work with Small Business Administration-backed (SBA) lenders. SBA business loans often feature low interest rates and generous repayment terms and can include some free consulting along with the funds.
  6. Know what you’re getting into. That means learning the annual percentage rate (APR) of the loan, what the fees will be, length of the term, and also if there are prepayment penalties. Be an informed shopper and go into this knowing how it will affect your business situation. Business loans are a serious commitment, so make sure you know everything you need to know.
  7. Be prepared to provide personal and business tax returns for the last two years and remember that lenders will look at your numbers to determine if you’ll be able to repay the loan. Too often we meet business owners that maximize losses on the books and then need a loan but can’t show they made enough money. You can’t have it both ways.

So if we haven’t scared you off, lets get things started!  Just complete the short form below and one of our partners will be in touch with you ASAP!

 

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