Loan Eligibility and Requirements

WESST is one of three SBA micro-lenders in New Mexico that provide loans to small business owners who might not qualify for traditional bank loans. We offer both start-up loans for new businesses and business loans to grow an existing business. Our eligibility guidelines and other important details about our loans are outlined below.

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If you believe you meet these guidelines, please fill out and submit the Small Business Loan Inquiry Form. The Inquiry Form is not a loan application: it is the first step of the application process.

Loan Amounts, Rates, Fees and Key Terms

  • Loans range from $500 to $50,000 for small Businesses.
  • Fixed interest rates vary from 0% to 5%, and all approved loans carry a 1% loan fee.
  • Maximum loan term is Seven (7) years, with preference given to shorter-term loans.
  • Loan proceeds must be specifically utilized for one or more of the following business purposes:
    • business development and/or expansion
    • to purchase inventory, materials, supplies, equipment, tools, furniture and/or fixtures
    • remodeling expenses, or
    • for specifically identified working capital including rent, utility deposits, advertising, insurance, licensing, bonding, legal and accounting fees.
    • Not sure if your business need is covered? Just ask us!
  • Loan proceeds may not be used to refinance existing personal debt, or to pay personal or business taxes.
  • Loan recipients must continue to work with a WESST consultant throughout the duration of the loan.
  • All loan recipients must submit business financial statements (or other suitable financial records) at regular intervals, as determined by the terms of each individual loan.  (Our consultants can assist or refer you to have this completed).
  • All start-up businesses (in business less than 12 months) must develop and submit a complete business plan as part of the loan package to demonstrate capacity for repayment.  (Our consultants can guide you in this process).
  • All loan requests must include at least a one-year cash flow projection.  (Our consultants can guide you in this process).

Eligibility

To be eligible for a WESST loan, an applicant must:

  • Be a resident of New Mexico.
  • Obtain a credit report through WESST.
  • Be willing to pledge collateral valued by the loan department.

Exclusions

Loans cannot be made for the following purposes:

  • Multi-level marketing
  • Gambling
  • Auto dealership inventory financing
  • Speculative activities including real estate, lending, or investments
  • Sale and/or production of pornographic materials
  • Sale and/or manufacture of tobacco or liquor
  • Sale and/or manufacture of explosives, firearms or knives
  • Debt consolidation
  • To pay business or personal taxes

To start a loan inquiry process, fill out our Small Business Loan Inquiry and our loan department will contact you!

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