Nevada State Development Corp., the state’s leading provider of Small Business Administration 504 loans, reported 12 loan approvals totaling $3.9 million in June, the highest level in five years.
July, August and September are looking strong as well, based on the new loans in the application process, said Debra Alexandre, president of NSDC.
“I think Nevada’s small-business owners are starting to realize that with real estate prices and interest rates at historic lows, there has never been a better time for them to purchase their own building,” she said.
SBA 504 loans can be used by businesses to purchase real estate or long-term equipment. They provide up to 90 percent financing and are funded at rates typically below market.
Nevada State Development Corp., a nonprofit company with offices in Las Vegas and Reno, has funded more than 1,650 loans since 1981 with an estimated value of $745 million.