Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Santa Teresa, New Mexico Small Business Loans

 
Loan Census SBA Loan Info

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

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

Local Santa Teresa Banks

Without further adieu, here's our list of small business banks in Santa Teresa.

Small Business Bank Recent SBA Loans
Bank of America  
State National Bank  
Wells Fargo Bank NA - Santa Teresa Store  

Lenders for Santa Teresa Businesses

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

Small Business Bank Recent SBA Loans
Bank Of The West
El Paso, TX
1
Cit Small Business Lending Corp
Livingston, NJ
1
Innovative Bank
Oakland, CA
1
State National Bank
Fort Worth, TX
1
United Bank - El Paso Del Norte
El Paso, TX
4
Wells Fargo Bank
San Jose, CA
1

Santa Teresa Bank Loan Tips

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the money back to the bank.

Being able to present a well-written business plan is essential. If the money is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to guarantee the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which you cannot repay the loan.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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 you sit down to talk with a small business banker, you may want to get up to speed 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 it a priority to learn as much as you can about Raising Money. For starters, we suggest you read SBIR Funding.

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