SBA 7(a) Loans in New Mexico: Rates, Requirements
New Mexico is a state located in the southwestern region of the United States. It is bordered by Colorado to the north, Utah to the northwest, Arizona to the west, and Mexico to the south. With an estimated population of 2,096,829 as of 2019, New Mexico is the 36th most populous state. The state's capital and largest city is Santa Fe.
New Mexico's economy is dependent on oil and gas production, agriculture, and federal government spending. The state is a major producer of petroleum, natural gas, coal, and uranium. New Mexico's agricultural sector includes livestock, dairy, and crops. The state's federal government spending is the highest in the nation as a percentage of the state's economy.
New Mexico has a large number of small businesses, which account for a significant portion of the state's economy. According to the Small Business Administration, small businesses in New Mexico employ over 400,000 people, or about half of the state's private workforce. New Mexico's small businesses also generate over $12 billion in annual revenue.
When it comes to small business loans, the SBA 7(a), SBA 504, and SBA Express programs are some of the best options available. Boasting favorable terms and low rates, these financing vehicles can provide up to $5 million for your business plans.
SBA 7(a) Loans specifically connects small business owners with lenders across the country who are prepared to offer the very best terms to support their businesses. If you're looking to buy commercial real estate or equipment, or if you need access to repair capital, SBA 7(a) loans should definitely be one of your top options.
Our experienced team will provide you with the very best terms from our network of lenders to ensure your business has what it needs to succeed. We offer this service completely free of charge, in Florida.
Looking for more information about New Mexico? Read on below. Otherwise, click the button below, and we'll get right back to you with your free SBA 7(a) loan quote.
SBA Loans Comparison Table
Small Business Loans Available in New Mexico
There are several options for small business loans in New Mexico. The Small Business Administration (SBA) offers several loan programs, including the 7a, 504, and Express programs, that can be used for a variety of purposes, such as working capital, equipment, and real estate. SBA loans are backed by the government and usually have lower interest rates and longer repayment terms than other types of loans.
1. SBA 7(a) Loans
The SBA 7(a) loan program is the Small Business Administration's most popular loan program. It can be used for a variety of different purposes, from working capital to equipment and even real estate. An SBA 7(a) loan's interest rate is generally lower than interest rates on conventional loans. Loan terms are also longer than most conventional loans, which keeps monthly debt service costs low. SBA 7(a) loans are capped at $5 million.
2. SBA 504 Loan
The SBA 504 program is aimed at businesses looking to acquire heavy equipment or fixed assets or for purchasing or developing real estate. Loan terms are typically up to 10 years for equipment purchases and 20 years for real estate, and interest rates are generally lower than most conventional financing options.
3. SBA Express Loans
SBA's Express Loan program are designed for speed: While loans max out at $350,000, the application turnaround time is just 36 hours. This convenience does not come for free, with interest rates generally higher — and repayment schedules typically shorter — than other SBA loan types, which increases the cost of debt service.
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