The Small Business Administration Nevada District office named Nevada State Bank the number one statewide lender for its commitment to providing critical capital to Nevada’s small businesses in 2019.
The award recognizes SBA loan efforts in government-backed loans that help small businesses get started, maintain operations or expand partners in the lending community.
Determined by the Nevada District office of the U.S. Small Business Administration, the top lender award reflects the quantity of SBA 7(a) and 504 loans guaranteed to Nevada businesses as well as the dollar volume. Nevada State Bank issued 52 loans totaling more than $28.3 million in fiscal year 2019.
“I am extremely proud of the work that we do here at Nevada State Bank to help our small business community,” said Megan Comfort, senior vice president and small business manager for Nevada State Bank. “Outside of being recognized by the SBA as being the top statewide SBA lender, the real recognition comes from our clients and helping their businesses thrive and grow.”
Nevada State Bank provides SBA loans to assist a wide range of small business needs. The 7(a) loan program is the most frequently used financing program for start-up and existing small businesses. The SBA’s 504 loan program provides businesses with long-term, fixed-rate financing to acquire major fixed assets such as equipment or real estate.
As a top SBA lender, Nevada State Bank played a key role in providing critical capital to support existing and potential small business clients through Payroll Protection Program funds.
In the three-month program, the bank has processed loans for more than 5,100 clients, totaling more than $647 million in financial relief and affecting more than 56,000 Nevada employees.
The average PPP loan amount was $126,000, with a median loan amount of $27,900. About 72% of the loans were made to businesses with 10 or fewer employees.
Nevada State Bank, a division of Zions Bancorporation, N.A., is celebrating its 60th anniversary this year.