June 2, 2011
Letter from Dallas Haun
Small business is the engine that drives job creation and economic growth. We have heard it so many times, it may seem to be a cliché, but the reality is that focusing resources on the creation of small businesses has never been more important. At Nevada State Bank we are committed to supporting the creation and long-term success of small businesses in our state. Our designation as a Preferred Small Business Lender by the U.S. Small Business Administration (SBA), combined with the advantage of local decision making, means that we can streamline and fast-track the lending process. And once a new business is launched, we offer a full range of banking services and products to help it grow. I am proud to note that this year, during National Small Business Week, the SBA honored one of our clients as Nevada’s Small Businessperson of the Year.
Nevada State Bank was also the first lender in the state to refinance an existing SBA loan through the Small Business Jobs Act. The Act enables small businesses facing maturity of commercial mortgages or balloon payments before the end of 2012 to refinance their mortgage debt with a 504 loan. Under the provisions of the Act, a borrower can refinance up to 90 percent of the current appraised property value or 100 percent of the outstanding mortgage, whichever is lower, plus eligible refinancing costs. We are currently working with several more small businesses to refinance under this program.
To reach out to small businesspeople, we will have a booth at the Nevada Business Lending Expo on July 14, 2011, from 5:30 PM to 8:00 PM at the Orleans Hotel & Casino in Las Vegas. Sponsored by the Nevada Small Business Development Center (http://nsbdc.org), a partnership between the SBA and the Nevada System of Higher Education, this first-ever event is designed to provide lending opportunities and information to people in southern Nevada who seek to access capital for business creation and expansion. We hope to see you there.
President and CEO
Nevada State Bank
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