GoSBA’s Top 50 New Mexico SBA Lenders in 2024
Introduction to New Mexico SBA Loans
New Mexico is home to a diverse economy driven by industries such as energy, tourism, technology, and agriculture. With a population of over 2.1 million, the state offers numerous opportunities for small business owners and entrepreneurs. Whether you want to start a business in Albuquerque or expand your existing operations in rural areas, an SBA loan can provide the financing you need to grow.
GoSBA Loans helps you find the best New Mexico SBA loans to fuel your business. We work with the top SBA lenders in the state to connect you to financing options tailored to your needs. In this updated guide, we showcase the top New Mexico SBA lenders in 2024, ensuring that you have the information you need to secure the funding necessary to succeed.
Finding the Best New Mexico SBA Lenders
Obtaining an SBA loan in New Mexico requires knowing where to look. Many lenders serve this market, ranging from large national banks to smaller local credit unions. By choosing the right lender, you’ll increase your chances of approval and secure competitive interest rates and favorable terms. GoSBA Loans simplifies this process by curating a list of the top SBA lenders in New Mexico, based on their loan volume and the number of loans funded.
In FY 2023, New Mexico’s SBA loan providers funded over 2,000 businesses, with a total loan volume of over $850 million. This impressive figure demonstrates the crucial role that SBA loans play in helping small businesses thrive across the state. Read on to explore the top 50 New Mexico SBA lenders of 2024.
Challenges in Securing SBA Loans in New Mexico
One of the challenges for small businesses in New Mexico is finding the right lender that matches their industry and business size. With many lenders in the state, it’s essential to choose one that has experience in your industry. Whether you run a tech startup or an agricultural business, a knowledgeable lender can streamline the loan process.
We understand that navigating the financing landscape can be overwhelming, and our mission at GoSBA Loans is to help you secure the funding you need in an easier, faster, and more affordable manner.
Analyzing the Top New Mexico SBA Lenders by Loan Volume and Loan Units Funded
Based on the updated data, Wells Fargo Bank, National Association emerges as the top SBA lender in New Mexico by loan volume, funding over $8.1 million across 29 loans. Western Commerce Bank follows closely, funding $8 million across 24 loans, showcasing its commitment to supporting small businesses across the state.
Another notable lender is The Huntington National Bank, which funded $6.8 million in SBA loans across 11 businesses, providing vital capital to fuel growth. TD Bank, National Association contributed significantly with a loan volume of $4.7 million in a single loan.
The diversity of lenders on this list—from national players like Wells Fargo to local institutions like Western Commerce Bank—illustrates the options available for businesses seeking financial support. The variety ensures that businesses across New Mexico can find a lender that aligns with their unique needs.
GoSBA’s Official Ranking: Top 50 New Mexico SBA Lenders in 2024
Below is the official ranking of the top 50 New Mexico SBA lenders in 2024, showcasing their loan volumes, the number of loans funded, and the average interest rates:
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Avg Initial Interest Rate |
| Wells Fargo Bank, National Association | $3,780 | $8,103,500 | 29 | 12.53% |
| Western Commerce Bank | $2,880 | $8,002,900 | 24 | 10.16% |
| The Huntington National Bank | $1,680 | $6,859,800 | 11 | 10.36% |
| TD Bank, National Association | $120 | $4,700,000 | 1 | 7.14% |
| BMO Bank National Association | $309 | $4,663,600 | 2 | 8.27% |
| Enterprise Bank & Trust | $852 | $4,450,000 | 5 | 9.30% |
| Live Oak Banking Company | $1,080 | $3,987,500 | 6 | 9.57% |
| America First FCU | $300 | $3,793,100 | 1 | 7.75% |
| Bank of America, National Association | $900 | $3,733,500 | 3 | 5.96% |
| VelocitySBA, LLC | $300 | $3,515,000 | 1 | 11.25% |
| First-Citizens Bank & Trust Company | $396 | $3,181,000 | 2 | 9.13% |
| United Midwest Savings Bank, National Assn | $540 | $3,091,000 | 3 | 10.83% |
| Harvest Small Business Finance, LLC | $300 | $2,600,000 | 1 | 11.00% |
| Customers Bank | $366 | $2,492,000 | 3 | 10.50% |
| Shoreham Bank | $300 | $2,320,000 | 1 | 10.00% |
| Readycap Lending, LLC | $1,068 | $2,313,300 | 8 | 13.59% |
| Newtek Bank, National Association | $600 | $2,171,500 | 5 | 12.20% |
| HTLF Bank | $744 | $1,750,000 | 5 | 9.99% |
| US Eagle FCU | $300 | $1,620,000 | 1 | 10.00% |
| Colony Bank | $360 | $1,572,300 | 3 | 12.33% |
| First Bank of the Lake | $486 | $1,540,800 | 4 | 11.88% |
| BOKF, National Association | $600 | $1,460,000 | 2 | 9.00% |
| Century Bank | $396 | $1,445,700 | 5 | 9.55% |
| DreamSpring | $720 | $1,414,000 | 6 | 13.96% |
| Ocean Bank | $120 | $1,350,000 | 1 | 11.00% |
| U.S. Bank, National Association | $1,476 | $1,192,000 | 14 | 10.40% |
| PCB Bank | $300 | $1,000,000 | 1 | 9.75% |
| Celtic Bank Corporation | $120 | $983,000 | 1 | 11.00% |
| Open Bank | $309 | $764,000 | 1 | 10.00% |
| State Empl CU | $300 | $757,000 | 1 | 10.00% |
(Note: This is a sample of the table. Full details of all 50 banks are available upon request.)
Benefits of SBA Loans for New Mexico Small Businesses
Whether you are looking to expand your operations, purchase new equipment, or boost your working capital, an SBA loan can be the right solution for your needs. New Mexico SBA loans provide long repayment terms, competitive interest rates, and government backing that makes it easier for small businesses to access funding.
The best SBA lenders in New Mexico have experience working with businesses in a variety of industries, from energy and tourism to technology and agriculture. Choosing the right lender can make a significant difference in securing the funding you need at favorable terms.
Why Choose GoSBA Loans for SBA Loans in New Mexico?
At GoSBA Loans, our goal is to make the SBA loan process as simple and efficient as possible. By connecting you with the best New Mexico SBA lenders, we ensure that your application reaches the right banks at the right time. Our network of lenders has a proven track record of supporting small businesses, providing flexible loan options, and offering competitive interest rates.
Partnering with GoSBA Loans means getting expert guidance every step of the way, from selecting the best loan option for your business to securing approval. Our team is dedicated to helping you access the capital needed to grow and thrive in New Mexico.
Apply for a New Mexico SBA Loan Today
If you are ready to secure the funding your business needs, apply today with GoSBA Loans. Our streamlined application process will help match you with the best SBA lender based on your specific business needs. Get started now and take the next step toward achieving your business goals.
Conclusion
Securing an SBA loan is a powerful way to support your business growth. Whether you are just getting started or planning to expand, finding the right SBA lender in New Mexico can make all the difference. The lenders listed in this guide have a proven track record of supporting small businesses across New Mexico, making them the best options for entrepreneurs looking to take their businesses to the next level.
Let GoSBA Loans assist you in finding the ideal SBA lender in New Mexico to fuel your growth and success in 2024 and beyond.
