Not sure which resource is right for you? Use this handy guide for business loan guidance and to find the help you need.

You are:

• Thinking about starting a business but aren’t sure how…
  • Take advantage of the low-cost workshops offered by the business development organization, WESST.
  • Make an appointment with a WESST business advisor.
  • Follow the business startup instructions. The most important steps are to obtain a federal tax ID number, get a New Mexico tax ID number, and register or license your business with your municipality (or county if you’re in an unincorporated area). The startup guide contains links.
• Looking for a grant for your new business…
  • Grants for businesses are few and those that exist are extremely competitive with very specific criteria – and they come and go! Because grant applications are competing against a huge number of others, it’s often better to self-fund your new business or apply for a small startup loan from a nonprofit lending organization that can help you with more than money. The delay while searching or waiting for a potential business grant could mean the loss of sales opportunities if your business isn’t operational. If your business is already operational and you have identified areas of potential growth, take a look at business grants available in New Mexico.
  • Several national organizations offer competitive grants to specific demographic groups (Black or LGBTQ+ entrepreneurs, for example) tied to their products or services. Talk to a WESST consultant or subscribe to our newsletter for announcements. (To subscribe, use the Connect button on our homepage.)
• Looking for a small-business loan for your new business…
  • It’s often a good idea for entrepreneurs to start with their local bank when seeking a loan, but many startups don’t fit the lending criteria of a traditional bank. That’s when one of several nonprofit lenders may be able to help. Each has different criteria for borrowers, and lending amounts may vary, but most offer individualized consulting to go with the loan. Take a look at The Loan Fund, DreamSpring, LiftFund, RCAC (if you are in a rural area), B:Side Fund, Homewise (if you are in a low-income area of Albuquerque or Santa Fe), and WESST (which offers a robust support system of workshops and consulting). Many of these lenders work with the US Small Business Administration to offer loans with low interest rates.