Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.
Whether your small business in New Mexico is a startup, a new acquisition, or just needs a cash injection, there are funding options to cover all situations. Read on to learn how to get the right financing for your business.
According to the latest Small Business Administration (SBA) figures, there are 156,996 small businesses in New Mexico. Small businesses are the lifeblood of New Mexico’s economy and are essential to the well-being of local communities. According to the SBA, small businesses account for around 99% of all businesses in the state. We’re going to look at some of the top New Mexico small business loans and show you how to get a small business loan in New Mexico.
Top Five New Mexico Small Business Loan Options
Whether you require a loan to start your small business or you wish to expand an existing one, there are several New Mexico-based traditional lenders to choose from. Below, we have included the top local funding options that offer New Mexico small business loans.
Bank of the West
Bank of the West is a subsidiary of BNP Paribas and has 23 branches across New Mexico.
According to SBA statistics, in 2020, the bank approved $14,016,300 worth of SBA 7(a) loans in New Mexico – the highest amount of the 53 SBA-approved lenders in the state. Its average term was 10 years, with a 5% average initial interest rate.
For small business loans, Bank of the West offers loans from $10,000 to $1 million. The maximum loan term is 10 years, and there are variable and fixed interest rate options.
This bank only offers secured business loans.
New Mexico Bank & Trust
New Mexico Bank & Trust is a local partner aiming to support state-based entrepreneurs and small business owners with intelligent financial products. Whether you need new equipment, more office space, or a simple line of credit, New Mexico Bank & Trust has something for any type of business.
As a SBA lender, the bank offers government-guaranteed SBA 504 and SBA 7(a) loans. Loan amounts can vary significantly, and possible fund uses can include franchise financing, business acquisition, expansion, construction, or real estate acquisition. Eligible fund uses also include machinery and equipment purchase or business restructuring. While SBA loans have rates and fees comparable to other types of loans, they come with lower down payments and, in some cases, without collateral.
Other types of small business loans offered by New Mexico Bank & Trust include:
- Letters of credit
- Lines of credit
- Leasing solutions
- Term loans
First New Mexico Bank
Founded in 1962, First New Mexico Bank is a state-chartered bank offering both personal and business financial services. With their competitive term loans and flexible lines of credit, you can be sure to receive just the right type of financing to meet your business needs.
Some of the loan products offered by First New Mexico Bank include:
- Commercial loans. These include letters and lines of credit, land loans, and equipment or inventory financing.
- Commercial real estate loans. Real estate loans are available for the refinance or purchase of commercial property. Amortization is up to 25 years.
- Interim construction loans. These types of loans can be used to make a smooth transition to permanent commercial construction financing.
- SBA loans. SBA loans are available to help you purchase or construct a new business facility.
- Agricultural/FSA loans. The bank also offers flexible loans for agricultural businesses.
Wells Fargo
Wells Fargo is, perhaps, one of the best-known names on our list and has 65 branches across New Mexico.
Their average initial rate for SBA 7(a) loans was substantially above that of the state average in 2020, at 8.5%. The average repayment term of 12 years was roughly in line with the average across all New Mexico SBA lenders.
This lender is, possibly, better suited to newer businesses, because they offer unsecured loans of up to $100,000, with repayment periods of up to 6 years. Interest rates are fixed, so it’s easier to manage your repayments.
Pinnacle Bank
Pinnacle Bank offers a broad range of smart financing products for both new and existing small businesses in the state of New Mexico. Some of the offered products include:
- Real estate financing. Whether you are buying a new commercial property or expanding your current location, Pinnacle Bank offers long-term real estate financing options.
- Equipment financing. Short-term equipment financing loans are ideal for large or small equipment investments.
- Business lines of credit. Revolving lines of credit allow business owners to have instant access to cash for ever-changing business needs.
- Letters of credit. The bank also provides letters of credit to help business owners with negotiation of business deals.
Summary Table
Lender | Minimum Loan Amount | Maximum Loan Amount | Maximum Repayment Period |
Features |
Bank of the West | $10,000 | $1m | 10 years | Secured. Fixed/variable interest |
New Mexico Bank & Trust |
Not specified | Not specified | Not specified | SBA 504 and 7(a) loans available - secured & unsecured. Business term loans, lines of credit, and letters of credit available. |
First New Mexico Fund | Not specified | Not specified | 25 years for commercial real estate loans | Commercial, real estate loans, interim construction loans, SBA loans, and agricultural/FSA loans are available. |
Wells Fargo | $10,000 |
$100,000 | 6 years | Unsecured, fixed interest |
Pinnacle | Not specified | Not specified |
Short- and long-term | Real estate and equipment financing available. |
Top Online New Mexico Small Business Loan Options
Sometimes, it can be difficult to qualify for a loan with a traditional lender, as their criteria are usually extremely rigorous. In this case, it is worth considering online lenders that have far more flexible borrowing criteria and usually transfer funds to your company astonishingly quickly once approved.
Here are some of our recommended online lenders that are worth considering.