Define Need Before Applying for Business Loan

Cabra Coffee in Cedar Crest, New Mexico

Cabra Coffee in Cedar Crest financed growth through The Loan Fund

Most New Mexico entrepreneurs can’t start or operate a small business without occasionally borrowing money. And that requires preparation and a methodical approach.

It begins by identifying why the money is needed and the most appropriate loan to fulfill that need. It continues with finding a lender that offers optimal terms and fees for clients with the borrower’s credit score and financial resources and gathering documents the lender needs to review.

Define the need: Businesses may need loans for daily operating expenses or to build reserves, renovate a commercial building or buy equipment. The specific need typically drives the decision about what type of loan to shop for. Continue reading

More than Microloans: Accion Helps Trio Launch New Brewery

Walt Taylor

Walt Taylor, Commercial Loan Officer, Accion New Mexico ∙ Arizona ∙ Colorado

A new brewery is coming to Albuquerque in June, run by three local beer-loving entrepreneurs. Bosque Brewing is the brainchild of partners Jotham Michnovicz, Kevin Jameson and Gabe Jensen; in their corner is nonprofit lender Accion, which extended a loan of $100,000 to help the partners build a brew house and cover their initial operating expenses.

The idea for the brewery started two years ago, before any of the partners had ever made a batch of home brew, Jameson said. The three were united by longtime friendships, one family tie — Michnovicz and Jenson are cousins — and membership in the same church. All three attended New Mexico State University in Las Cruces.

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