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.
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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Get a Business Loan in Socorro
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