Finding Loans & Investors
Use local resources to find funding for your business.
ACCION New Mexico
ACCION is a nonprofit organization that makes loans from $200 to $150,000 and provides lines of credit from $35,000 to $150,000 to self-employed individuals, new entrepreneurs, and small businesses with limited or no access to traditional business credit. The organization practices "stepped lending," in which many clients start with a small first-time loan. Once they establish a strong repayment history, they may apply for larger loans.
After applying, many clients receive their loans in days. ACCION also mentors its clients and provides periodic training. For information call 1-800-508-7624.
Enchantment Land Certified Development Co.
This nonprofit corporation administers the SBA 504 Loan Program in New Mexico and provides 20-year, fixed-rate loans with low down payments (10%), for land, buildings, and equipment for expanding small businesses. For information call (505) 843-9232.
The Loan Fund
This nonprofit, alternative lender makes loans of $5,000 to $100,000 to small-business owners and aspiring business people who may not qualify for conventional financing. The fund also makes loans to nonprofit organizations. Lending goals are to help low-income people, women, and minorities and to provide positive social benefits to the community, such as job creation, affordable housing, and services to low-income people. To help clients succeed, NMCDLF also provides technical assistance and training to borrowers and offers regular financial literacy workshops.
For more information call (505) 243-3196.
New Mexico Angels, Inc. (NMA)
Inspired by Silicon Valley’s Band of Angels, NMA is a group of private investors and venture capital companies working together to invest in early-stage, New Mexico technology companies with potential for growth. For information call (505) 843-4206.
New Mexico Small Business Development Center
The SBDC doesn’t make loans, but it does work closely with lenders, the SBA and other programs and can help small businesses identify sources of financing and develop proposals.
Small Business Administration
The federal SBA provides a number of loan-guarantee programs that allow small businesses to gain bank loans. Call (505) 766-1870.
State Investment Council
This agency administers trust funds for the State of New Mexico. It’s also authorized to make loans and investments to further economic development in the state.
For a company relocating or expanding in New Mexico, the State Investment Council (SIC) can participate up to 80 percent in loans of $250,000 to $2 million originated by New Mexico financial institutions and secured by first mortgage with real property as collateral. Proceeds must be used to buy land, equipment, and buildings or to refinance debt of an expanding company.
The SIC can buy up to $20 million of investment-grade bonds, notes, debentures, or debts (but not commercial paper) when proceeds are used to establish or expand businesses in New Mexico.
The SIC can invest in qualified venture capital funds with a New Mexico headquarters or office. The funds must target investments to New Mexico companies.
The SIC can invest directly in a New Mexico company with the potential to create or add jobs, as long as a qualified co-investor, such as a venture-capital fund, also invests. The council can invest in out-of-state companies that move to New Mexico. The State cannot own more than half of a company, and no more than 10 percent of the SIC’s funds can be invested in any one company.
Technology Ventures Corp.
TVC provides a link between qualified investors and client companies to help companies find sources of financing. TVC also houses several venture capital offices, which helps promote a strong working relationship with these financing sources.
The annual Deal Stream Summit allows qualified technology companies to make presentations before an audience of venture capitalists, potential industry partners, and private investors.
WESST Corp (Women's Economic Self Sufficiency Team)
WESST operates a revolving loan fund that makes small business loans to people who can’t get conventional loans. Loans range from $200 to $5,000 for start-ups and $200 to $35,000 for established businesses. Rates vary from 5 to 10 percent. Clients work with WESST for the duration of the loan and receive training.
WESST is an SBA Approved Intermediary; staff members can help clients with SBA or other loans.