Nevada State Development Corp. refinances $87.2 million in loans

The Nevada State Development Corp. said Tuesday that it refinanced more than 30 small business loans valued at $87.2 million last year, with the help of local banks. The federal refinance program, which ended in September, allowed businesses to refinance loans at interest rates as low as 4.29 percent.

"On one hand, many in our industry were hopeful that the small business loan refinance program might be included in the final ('fiscal cliff') compromise," said Debra Alexandre, NSDC's president. "That wasn't the case, but I do think we still have a chance to renew the program that has had so much impact for so many small businesses in Nevada and across the country."

As of Tuesday, the nonprofit company had 40 loans in the pipeline totaling $35.5 million. In addition, there were six businesses in Southern Nevada that have expressed an interest in refinancing loans if the program is extended.

NSDC, with offices in Las Vegas and Reno, is the largest U.S. Small Business Administration 504 loan provider in the state. Established in 1981, NSDC has funded 1,682 loans with an estimated value of $813 million.