B:Side Capital Expands SBA Lending to New Mexico
FOR IMMEDIATE RELEASE
Contact: Lauren Kloock
Marketing & Communications Director
lkloock@bside.org | 303.657.0010
DENVER, CO—B:Side Capital, formerly known as Colorado Lending Source, was recently given Small Business Administration (SBA) approval for a multi-state expansion into the state of New Mexico. For over 30 years, B:Side Capital has been a trusted SBA lending partner as a Certified Development Company in the state of Colorado and has also recently expanded into Utah and Arizona. With the ability to now facilitate SBA 504 loans in New Mexico, the organization plans to increase their impact and further their mission to foster the economic growth of diverse small businesses within all of the four corner states.
Chief Executive Officer, Chris Myers, expresses, “I am thrilled to share that B:Side Capital is expanding into New Mexico, and we couldn’t be more excited to contribute to the growth of local businesses through SBA loan programs. Our team is eager to collaborate with the community and help entrepreneurs realize their dreams in this beautiful state.”
The SBA 504 loan program is a public-private partnership financed in part by a bank or credit union (up to 50% of the total loan), by B:Side Capital on behalf of SBA (up to 40% of the total loan), and by the business owner (as little as 10% depending on the type of business). With low down payment options and long-term fixed interest rates, this unique loan program allows business owners to purchase commercial real estate, and/or long-term machinery or equipment, in addition to debt refinancing options that they wouldn’t be able to access under traditional lending options.
Partnering with B:Side Capital on SBA 504 loans is also beneficial for lending institutions, allowing them to lessen their credit risk and provide access to capital for small businesses that they wouldn’t normally be able to finance. The lender is typically responsible for 50% of the total project financing, maintaining the 1st lien position and strengthening their portfolio with low Loan-to-Value.
B:Side Capital is also considered a Lender Service Provider (LSP) under the SBA 7(a) government guaranteed loan program, supporting banks as their SBA back office experts. Functioning differently than the SBA 504 loan program, the SBA 7(a) loan program still shares the ultimate goal of expanding access to capital and benefits both lenders and small business owners alike.
Additionally, through B:Side Capital’s sister organization, B:Side Fund, there are smaller loan amounts up to $150,000 available to business owners in New Mexico. These loans are specifically for businesses who many not qualify for conventional financing.
For New Mexico banks or credit unions interested in partnering with B:Side Capital, the first step is signing up on the lender portal to access a menu of tools, resources, and interest rates. They can also contact us to learn more.
New Mexico business owners that are looking to get started can fill out a brief eligibility check (click here) to see if they are potentially eligible for one of B:Side’s loan programs. For more information please email hello@bside.org or call 303.657.0010.