Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Milan, New Mexico Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in Milan, New Mexico seems challenging at first, but we're here to help you get started.

If you are looking for a small business loan and your business is based in Milan, New Mexico, we've assembled a list of local small business banks that you should contact.

SBA Lenders for Milan Businesses

This is a list of banks outside of Milan, New Mexico that have provided SBA loans to Milan businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
1
Grants State Bank
Grants, NM
1
Pinnacle Bank, A Division Of
Gallup, NM
1
Wells Fargo Bank
San Jose, CA
2

Milan Bank Loan Tips

Before meeting with banks to get a bank loan, you will need to have a specific plan.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you plan to pay the loan back to the bank.

Being able to present a well-written business plan is essential. If the financing is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to secure the business with your personal assets, such as the equity in your home. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of these banks participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

Make the effort and learn as much as you can about Raising Money. To get started, we suggest you read Attracting Investors.

Business Loan Sources for Other Cities in New Mexico
Get a Business Loan in Lovington
Get a Business Loan in Portales

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