Business Loans New Mexico
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Financing for Companies in New Mexico
New Mexico’s economy has largely been centered on the oil and gas industry. With oil and gas at the forefront of the local economy there is a consistent need for labor. On an annual basis the oil and gas industry provide over $2 billion dollar in tax revenue for the New Mexico. The state is the eighth largest energy supplier in the United States. New Mexico’s climate and open terrain make it a great supplier of energy. One of the state’s greatest resources is The San Juan Basin, the largest natural gas reserve in the country. The gas and oil industry utilize business loans in New Mexico for expansion and debt consolidation.
Oilfield Service Loans New Mexico
Outside of oil and gas the state is reliant on small business owners. When oil prices drop the New Mexico economy experiences hardship. Small business loans in New Mexico have helped businesses successfully make it through tough times. SMB Compass provides business loans in New Mexico to a wide variety of industries. Manufacturing, distribution, logistics, and transportation are all vital industries in the New Mexico economy.
Manufacturer Loans in New Mexico
The manufacturing and distribution industries in New Mexico use business loans to finance and grow their operations. It is crucial for these industries to secure new equipment. They are constantly purchasing raw materials, parts, and equipment and because of his, these businesses use a wide range of financing solutions.
Over the last two years job growth has increased throughout New Mexico. The state government has offered tax credits and technical assistance to support job growth. As the New Mexico economy continues to surge business owners are using small business loans for expansion.
Hospitality Financing New Mexico
New Mexico is also reliant on the tourism and hospitality industry to contribute to its local economy. Tourism spending supports over 8% of all jobs in the state. Small businesses in New Mexico have been taking advantage of the tourism that the state sees every year. In 2016 alone, New Mexico had more then 35 million visitors that spent over $6 billion dollars. Businesses in the hospitality and tourism industry in New Mexico use small business loans. These businesses use loans to bridge the financial gap during slow months and to prepare for the busier months.
SMB Compass has loan programs in New Mexico staring from just $25,000. SMB compass specializes throughout New Mexico in equipment financing, SBA loans, asset-based loans, bridge loans, invoice factoring, and business lines of credit. Schedule a call with a Lending Advisor today to learn more about the business loan options in New Mexico.