One of the obstacles most commonly reported by entrepreneurs — particularly first-time business owners — is the difficulty of obtaining a business loan. Many start with their local bank, but if their borrower profile doesn’t match the bank’s, they stop with the first ‘no.” Getting a business loan doesn’t need to be difficult if a potential borrower knows where to look. And lender terms and requirements are not rocket science. The nonprofit lender and business development organization WESST is aware of how intimidating it can be to ask for a loan. That’s why it is offering a workshop to introduce business owners to its lending program.
The Intro to the WESST Loan Program workshop will be held online at 1:00 pm on Thursday, August 27, 2026. Participants will learn about the 5 C’s of credit as they pertain to the lending industry in general. The 5 C’s , will be contrasted with how WESST evaluates loan packages. Participants will learn about the benefits of working with a nonprofit lender, and they will have an opportunity to ask questions.
WESST offers several advantages over other lenders in the state. WESST focuses on building relationships through critical business consulting, training, and other support services that help borrowers maximize their business success. Moreover, interest rates and fees are competitive and often the lowest available.
WESST is one of three SBA micro-lenders in New Mexico that provide loans to small business owners who might not qualify for traditional bank loans. It offers both start-up loans for new businesses and loans to existing businesses.
Loan amounts range from $500 to $50,000 for small businesses. Interest rates vary from 0% to 9%, and some loans may carry up to a 5% fee. Terms are relatively short, capping out at 60 months or less.
Proceeds can be used for:
- business development and/or expansion
- the purchase of inventory, materials, equipment, furniture and/or fixtures
- remodeling expenses
- working capital, including rent, insurance, licensing, legal, and accounting fees
Read more about WESST, and Register here for the August 27 workshop.
WESST events fill up quickly. If the introductory financing workshop is full, register for the next one. The workshop is typically offered throughout the year.