Business Loans 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.

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.

The manufacturing and distribution industries in New Mexico use business loans to finance and grow their operations. It is crucial for these industries to small business loans new mexico 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.