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

Business Loan Bloomfield, New Mexico

 
Loan Census SBA Loan Info

Small business loans in Bloomfield, New Mexico are available. You just need to talk to the right bank.

We wrote this article for small business proprietors in Bloomfield, New Mexico who are interested in getting a bank loan.

Local Bloomfield Banks

To help you learn more about local small business lenders, here's our list of small business banks in Bloomfield.

Small Business Bank Recent SBA Loans
Wells Fargo Bank NA - Bloomfield  

Other Lending Resources for Bloomfield Businesses

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

Small Business Bank Recent SBA Loans
Bank Of The Southwest
Roswell, NM
2
California Bank & Trust
Sacramento, CA
2
The Citizens Bank
Farmington, NM
2
Vectra Bank Colorado
Farmington, NM
1
Washington Fed. S & L Association
Gallup, NM
1
Wells Fargo Bank
San Jose, CA
1
Wells Fargo Bank
Sioux Falls, SD
1

Tips for Getting a Business Loan in Bloomfield

Prior to contacting banks for a 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, walk the banker through the planned use of proceeds, and show how you plan to pay the loan back to the bank.

Having a business plan is an important prerequisite. If the financing is to for an existing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 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 the banks in our list are SBA lenders. Before you sit down to talk with a small business banker, you may want to read up on 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. For starters, we recommend you read Getting a Small Business Loan.

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