LAS VEGAS - The U.S. Small Business Administration (SBA) Nevada District approved over $220 Million in loans in Fiscal Year 2014. The 7(a) program which provides small businesses with financial assistance increased in both the number of loans and total dollars, from 328 loans and $112 million in FY 2013 to 350 loans and $127 million in FY 2014. The number of 7(a) loans increased by 6 percent in FY 2014 and the average loan size increased from $343,000 in FY 2013 to $364,000 in FY 2014.
"Nevada is one of the areas experiencing the fastest economic growth and stability," District Director Bob Holguin said. "This is reflected in our loan volume increases in both number of loans and dollars funded".
The 504 Certified Development Company loan program which provides small businesses with long-term fixed rate financing to acquire real estate and major fixed assets, accounted for 152 loans totaling nearly $97 million.
Nevada SBA approved lenders provided SBA 7(a) loans to veteran-owned small businesses in Nevada totaling nearly $10 million. The Veterans Advantage initiative provides zero borrower fees on SBA Express loans up to $350,000. Now the SBA has expanded the Veterans Advantage to provide a 50 percent reduction in borrower fees to veteran-owned small businesses for loans over $350,000 and up to the maximum loan amount of $5,000,000.
"Our increase in lending to veterans is attributed to our active outreach to veterans and the Boots to Business program," Holguin said.
SBA loan programs provided minority owned businesses in Nevada with 34 percent of total SBA loan volume totaling over $43 million going to minority- and women-owned businesses.
Nationally, the 7(a) Loan Program reached a lending record in FY 2014. By the end of the fiscal year (Sept. 30), SBA had approved 52,044 7(a) loans for $119.19 billion, an increase of 12 percent in number of loans and 7.4 percent in dollar amount over fiscal year 2013 agency-wide.
"As our economy continues to grow and recover, small businesses are the essential fuel to that continued growth," said SBA Administrator Maria Contreras-Sweet. "We know that America's small businesses pack the biggest punch, creating two out of every three net new private sector jobs in the U.S."
The Nevada SBA District Office provides services for the entire state of Nevada from offices in Las Vegas and Reno. Find us at: www.sba.gov/nv.
[[In-content Ad]]
