Your local bank is the first place you should go when you need a loan. Your community banker knows the local market and…

can help you determine if your venture is eligible for a loan based on your credit score, collateral and business plan. Your banker can also determine if your circumstances qualify you for a participation-program loan, which can make the terms more attractive.

Community bankers like Century Bank are knowledgeable about SBA loans and other loan guarantees such as those offered by USDA RD. Banks that specialize in these types of loans are called Preferred Lenders by the entity that makes the guarantee. If you believe you qualify for an SBA or USDA loan, ask your banker if she is an SBA or USDA Preferred Lender or is knowledgeable about SBA and USDA loans.

State chartered and locally owned Century Bank is one such lender.  Serving New Mexicans since 1887, the full service community bank —with locations in Santa Fe, Española, Albuquerque, Las Cruces, and Los Alamos—advises clients on a wide range of loan products to determine the best fit for any business.

Century Bank offers the full range of SBA loans, including:

• 7A Program
• SBA Express
• SBA Veterans Initiative
• SBA Small Loan Advantage
• SBA Export Express

Century Bank is also authorized to participate in the New Mexico Economic Development Department’s Collateral Assistance Program, which helps creditworthy small businesses that lack the collateral required for a loan. Business owners apply through the bank, which works with the EDD on behalf of the business. Read more about the Collateral Assistance Program (formerly known as the Collateral Support Program) here:

• Collateral Support Program Helps New Mexico Businesses Leverage Loans

Similarly, Century Bank participates in the Small Business Boost (SBB) program offered by the Federal Home Loan Bank to help participating members provide financing for qualified small businesses by filling the gap between what the member can finance and the loan request made by an eligible small business. For example, SBB can fill the financial gap when the small business does not have the required equity or collateral to get their loan request fully funded by the member. SBB funds are provided as a secondary, unsecured loan that fills this gap for the small business borrower. There are no repayments of the SBB loan in year one, which helps improve initial cash flow for the small business.

Find a Century Bank branch near you.

Learn more about the business loans offered by Century Bank.

Before you approach your bank or any lending institution, you should be prepared. Read these articles to learn more about the information your banker will request and the criteria a loan committee uses when evaluating a potential loan.