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Small Business Loans in New Mexico (2021 Update)

With the growing evolution of technology, there has perhaps never been as good a time as now to begin a small business in New Mexico. The population continues to expand and become more entrepreneurial in its mindset. No matter if you have your sights set on a traditional store service, product, or restaurant oriented business, or you want to take advantage of favorable tax laws in the state to begin your own home or small business in New Mexico, financing is likely on your mind. The best ideas just need a bit of backing in order to get off the ground. With that in mind, consider the following information to help you as begin the process of securing a small business loan in New Mexico.Small Business Loans in New Mexico

What Are New Mexico Lenders Looking For?

You might be new in the business, or a seasoned veteran, but the reality is that you lender will be looking for certain components of you character and capacity to repay the loan when evaluation your application. In the lending world, this is referred to as the 5 C’s of credit and they are most definitely applicable to those seeking a small business loan anywhere in New Mexico. You want to ensure that your character is well represented. Gather solid references that can vouch for your credit worthiness. If you have made mistakes in the past, document those and be honest. Explain how you have learned from your errors and the measures you have put into place to ensure that it does not happen again.

Where To Get A Small Business Loan in New Mexico

There are quite a few sources of money that small business startups can go for money in new Mexico. The most logical place to begin is the bank or credit union. Keep in mind that these entities have shareholders to represent, so depending on the business climate in New Mexico at the time you might find that the requirements are rather stringent. Given the recent advances in technology, there are also a number of alternative investment sources available for startup capital. This might be your best best, especially if you are new to the business world or have not established a solid record of credit.

The government backed Small Business Administration in America is also a great place to look for a loan in New Mexico. They will help you by guaranteeing up 80 percent of the principal that you are approved to borrow. The best part is that the interest rate will typically be around price plus 3 to 4 percent. You may find that this is much lower than that offered by banks or credit unions. Keep in mind that the process is rather comprehensive, so you will need to ensure that you have the time available to wait for approval. Use a business loan repayment calculator to see what your payments would be.

Whatever you decide, do not give up. If you have a solid business plan and a true entrepreneurial spirit, you will eventually find the small business loan in New Mexico that you need.

Banks in New Mexico That Offer Small Business Loans

Check out these banks, highly rated for small business loans:

The Bank of Clovis

The Bank of Clovis first opened its doors to the public in Clovis, New Mexico in 2000. In 2013, it helped small businesses in the area with loans amounting to $31.8 million.

Community 1st Bank Las Vegas

Based in Las Vegas, New Mexico, Community 1st Bank Las Vegas was founded in 1949. While still in operation today, it runs as a subsidiary of FNB Financial Corporation.

The James Polk Stone Community Bank

The James Polk Stone Community Bank is headquartered in Portales, New Mexico and offers commercial and personal banking products and services.

Bank of the Rio Grande, National Association

Founded in 1985 in its current headquarters – Las Cruces, New Mexico – the Bank of Rio Grande National Association has a wide variety of banking products and services for businesses.

Western Bank

While most of its operation is in Texas, Western Bank offers the same quality of service to other states such as through its office in Lordsburg, New Mexico.

Bank of the Southwest

The Bank of the Southwest is headquartered in Roswell, New Mexico and was founded in 1992. In attempts to cater to every banking need, it created a highly diversified list of banking services.

Top Cities in New Mexico and Their Lenders

New Mexico is one of the Southwest’s most famous states. While it is largely made up of desert, the state is also one of the region’s top skiing destinations. Certain areas such as Red River produce great skiing during the winter months of the year. While much of the state is undeveloped, there are a few major cities that have plenty of infrastructure to support a new small business. It’s important that you know which one is best for your business.

This part of the article is dedicated to providing you with details on the top small business cities in the state of New Mexico. Below are our favorite cities and their top lenders.

Albuquerque, New Mexico

Albuquerque is by far the largest city in the state of New Mexico. The city has over five times the residents of the next largest city. The local economy is diverse – healthcare, technology, and the military all play major roles. There is a large US Air Force base in the area. Below are our favorite lenders in the region:

Bank of Albuquerque

Our top choice in the city of Albuquerque is the Bank of Albuquerque. They have a local expertise on the city’s economy and can help you get the most from your lending experience. If you want to take your business to new heights, this is probably your best option in the city. They also have business banking services for those who need them.

The Loan Fund

The Loan Fund is your best option if you’re a startup. They have much lower lending requirements than any of the other large lenders. If you’re looking to get quick access to capital without big credit requirements, this is your best option.

Las Cruces, New Mexico

Las Cruces is the second largest city in the state of New Mexico. The healthcare industry plays a major role in the area, with some of the best state’s hospitals being large employers in the city. The area has a diverse economy and affordable cost of living – it’s a great place to start a new business. Below are our favorite lenders in the region:

The Loan Fund

As mentioned previously, The Loan Fund is a small lender that provides line of credit and traditional business term loans to business owners in the area. They’re a great option if you need to work with someone who has less lending requirements than larger lenders. If you’re a startup, this is your best option in Las Cruces.

First New Mexico Bank

First New Mexico Bank is a large, regional lender that provides financing to consumers and business owners throughout the state of New Mexico. They’re a great partner to have if you want the strength of a large lender. They can provide term loans, equipment financing, lines of credit, and many other business loans. They also offer full-service banking for their business customers if you’re interested.

Rio Rancho, New Mexico

Rio Rancho has some of the nicest classical architecture in the state, which makes it a popular tourist destination for the arts and culture industry. It’s also a major player in the New Mexico technology sector. Below is our favorite Rio Rancho lender:

Sandia Area

Sandia Area is a small, regional bank with a presence in Rio Rancho. They’re most well-known for their consumer lending services, although they have expanded into business offerings as well. They can provide you with access to the top small business loans in the area – they have a great understanding of how the local economy works in Rio Rancho.

Santa Fe, New Mexico

Santa Fe is a tourism hotspot because of its proximity to some of the area’s best skiing. It’s also well known for being a great spot for the science and technology sectors. If you’re thinking of starting a retail business, it’s a great spot during certain times of the year. Our favorite lender in the area is listed below:

Acceptance Capital

Acceptance Capital is a lender that typically provides mortgages to people in New Mexico. They also have a great small business loan program that helps individuals get the funding they need to start new small businesses in the region. They can provide traditional term loans, as well as SBA loans and equipment financing loans.

Roswell, New Mexico

Roswell is most famous for its role in the UFO conspiracy industry. A prospective UFO sighting occurred in the city, which has led many people to flock to the area to try and visit local attractions and tourist spots. They have tourists coming to the region year-round. Below is our favorite lender in the area:

Valley Bank of Commerce

Valley Bank of Commerce is our top pick for Roswell, New Mexico. They’re a regional lender that has the strength to help you bring your business to the next level. If you want a lender that has a local branch in Roswell, this is a good option – head in and talk to one of their commercial lending specialists.


Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.