Loan Census Banking News and Information
November 15, 2024  
 
 
  Business Loan Information  
 

Small Business Lenders in Silver City, New Mexico

 
Loan Census SBA Loan Info

Raising money in Silver City, New Mexico? If so, you'll want to talk to some of these small business lenders in Silver City.

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

Local Silver City Lending Resources

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

Small Business Bank Recent SBA Loans
Ambank 1
Bank Of America  
Chino Federal Credit Union  
First New Mexico Bank - Silver C 2
First Savings Bank 1
Raymond James Financial Services  
Wells Fargo Bank 1
Western Bank 4

Business Loan Providers for Silver City Businesses

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

Small Business Bank Recent SBA Loans
Bank Of America
Charlotte, NC
5
Business Loan Center, LLC
New York, NY
1
Comerica Bank
Dallas, TX
1
First Savings Bank
Beresford, SD
1
First Savings Bank
Deming, NM
1
Innovative Bank
Oakland, CA
1
Wells Fargo Bank
Phoenix, AZ
2
Wells Fargo Bank
San Jose, CA
3
Western Bank
Lordsburg, NM
12

Business Loan Advice for Silver City Businesses

As a prerequisite to reaching out to lenders to discuss getting a bank loan, you will need to have a specific plan.

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 lender.

Having a business plan is essential. If the financing is to for a company that is already doing 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, 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 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 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

If you are planning on Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review How Equity Dilution Works.

Business Loan Sources for Other Cities in New Mexico
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