{"id":3940,"date":"2013-02-05T17:18:28","date_gmt":"2013-02-06T00:18:28","guid":{"rendered":"http:\/\/financenewmexico.5e-dev.net\/?p=3940"},"modified":"2020-10-28T16:15:49","modified_gmt":"2020-10-28T22:15:49","slug":"your-local-bank","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/funding\/loans-funding\/your-local-bank\/","title":{"rendered":"Your Local Bank"},"content":{"rendered":"

Your local bank is the first place you should go when you need a loan<\/a>. 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<\/a> 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.<\/p>\n

If you are turned down by your bank, funding may still be available. Non-profit community development lenders such as DreamSpring<\/a>, The Loan Fund<\/a> and WESST<\/a> may be able to help.<\/p>\n

\"Century<\/a><\/p>\n

Most community bankers are knowledgeable about SBA loans and other loan guarantees<\/a> such as those offered by USDA RD<\/a>. 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<\/a>, ask your banker if she is an SBA or USDA Preferred Lender or is knowledgeable about SBA and USDA loans.<\/p>\n

The New Mexico Economic Development Department, administers several loan programs designed to assist small businesses. The Collateral Assistance Program<\/a> helps creditworthy small businesses that lack collateral to pledge. Business owners apply through a bank, which works with the EDD on behalf of the business.<\/p>\n

Read more about the Collateral Support Participation Program:<\/p>\n