SBA report shows Bank of Nevada top lender in Silver State
Bank of Nevada has been ranked the top SBA 504 lender out of 24 financial institutions statewide for the fiscal year ended Sept. 30, statistics compiled by the U.S. Small Business Administration show.
The bank's ranking was based on 10 loans totaling $18.58 million. The SBA's debenture commitment to the loans totaled $12.9 million bringing the combined total to $31.5 million, Bank of Nevada said Wednesday.
"We are proud to have provided over $31 million in combined loan commitments to small businesses this past year through the SBA 504 loan program," Bank of Nevada President and Chief Operating Officer John Guedry said.
Guedry attributed the program's success to simplifying the loan process after discovering that "some businesses shy away from SBA 504 financing because they believe it can be cumbersome and time-consuming."
Bank of Nevada has $2.9 billion in assets and 12 branches in Las Vegas, Henderson, North Las Vegas and Mesquite.
The bank is an affiliate on Western Alliance Bancorp, a Phoenix-based bank holding company with subsidiaries in Arizona, California and Nevada. The company owns First Independent Bank in Reno.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
