Meadows Bank Provides Over $6 Million in SBA Loans to Four Nevada Businesses

Meadows Bank, a Las Vegas-based community bank specializing in Small Business Administration (SBA) and United States Department of Agriculture (USDA) loans, has announced that it has provided SBA loans totaling over $6 million to four businesses in Nevada. The loans have helped create a total of 65 new jobs in the local economy, including 20 new jobs at a retail business and 25 jobs at a restaurant. The loans were used for a variety of purposes, including debt refinance, business expansion, and business acquisition.

Key Takeaways:

• Meadows Bank provided SBA loans totaling over $6 million to four businesses in Nevada, creating a total of 65 new jobs in the local economy.
• The loans were used for debt refinance, business expansion, and business acquisition, and were approved by Meadows Bank's SBA Department, led by Eric Colvin.
• The retail business that received a loan for debt refinance and business expansion had its monthly loan payment reduced by combining the new debt for the expansion with the debt refinance, making it easier for the business to grow.
• The restaurant that received a loan used it to open a third location, creating 25 jobs in the local economy.
• The service provider that received a loan was able to expand its business and create 20 new jobs.
• The gas station loan was a business acquisition loan that helped retain five jobs in the local economy.
• Meadows Bank has a dedicated staff of loan officers, underwriters, and processors focused on SBA and USDA lending.

Statistics:

• Total SBA loans provided by Meadows Bank: over $6 million
• Total new jobs created by the loans: 65
• Number of new jobs created by the retail business loan: 20
• Number of new jobs created by the restaurant loan: 25
• Local economy impacted by the loans: Southern Nevada

Sources:

• Meadows Bank
• Marketwire, Inc. (via COMTEX)
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