Small businesses are a key piece of the economy in the East Mountain region. Both as new start-ups and long-time family businesses, our region is rich with entrepreneurs. It is not uncommon for small businesses to need additional capital, be it for seasonal growth or business expansion.
“According to the National Small Business Association, 69 percent of small businesses used financing in 2016, including loans, credit cards, venture capital and crowdfunding. The remaining 31 percent were not able to obtain adequate financing.
The NSBA report indicates small business loans are a key component of economic growth for small businesses and their employees. There is a direct correlation between small business financing access and the ability to hire employees.” (U.S. News & World Report, March 8, 2019)
The following article from U.S. News & World Report, provides a convenient overview of the small business loan purpose and process. It is helpful to understand the variety of loan options available today and “How Do Small Business Loans Work,” in order to find the best fit for your business. There are a number of GEAC member businesses who can assist with business loans, such as Accion New Mexico, Sandia Laboratory Federal Credit Union, US Bank, and Wells Fargo Bank.