Solutions Recovery secures a $1.85 million SBA 504 loan
Nevada State Development Corp., a nonprofit SBA 504 loan provider with offices in Las Vegas and Reno, said Friday it has secured almost $2 million for Solutions Recovery Inc. to purchase property it had been leasing.
The $1.85 million loan was issued by J.P. Morgan Chase and the U.S. Small Business Administration. The SBA’s debenture amount covered $765,000.
“With NSDC’s assistance, David Marlon was able to secure the sizable loan,” said Evan Dickson, assistant vice president and business development officer at NSDC, said in a statement. “The loan allowed him to significantly increase the size of his business.”
The loan allowed Las Vegas-based Solutions Recovery to purchase the building it had leased since 2005, as well as rebuild the facility. The 42,000-square-foot alcohol and drug treatment facility is located at 2975 S. Rainbow Blvd.
Founded in 1981, NSDC has funded more than 1,682 loans with an estimated combined value of $813 million.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
