LENDING
SMALL BUSINESS LOANS INCLUDE A BONUS | SUPPORT TO HELP YOU SUCCEED
One of the obstacles most commonly reported by entrepreneurs — particularly first-time business owners — is the difficulty obtaining capital to start or grow a business. WESST helps to bridge this gap by providing no-to-low interest rate small business loans in addition to training and consulting services.
As a microlender, we specialize in financing viable businesses that, for whatever reason, do not meet the criteria of banks or other traditional lenders. Our small business financial services offer several advantages over other micro-lending operations in the state:
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Our loan program focuses on building relationships through critical business consulting, training, technical assistance, and other support services to our loan recipients, in order to maximize their chances of success.
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Our small business loan rates and fees are extremely competitive, and often the lowest available.
The value of the support services that we provide to our loan recipients is evidenced by the extremely low default rate on our small business loans.
Arzi's Outdoor Living, Hobbs, NM
LOAN ELIGIBILITY & 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 loans to existing businesses.
Loan Amounts, Rates, Fees and Key Terms:
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Loans range from $500 to $50,000 for Small Businesses.
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Fixed interest rates vary from 0% to 9%, and all approved loans MAY carry up to a 5% loan fee.
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Maximum loan term is five (5) years or 60 months.
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Loan proceeds must be specifically utilized for one or more of the following business purposes:
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business development and/or expansion
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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!
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Our loan program serves small businesses in New Mexico.
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Loan recipients must continue to work with a WESST consultant throughout the duration of the loan.