SOURCE: Meadows Bank

Meadows Bank

July 05, 2011 17:00 ET

Meadows Bank Announces Recent SBA Loan Closings in Nevada

LAS VEGAS, NV--(Marketwire - Jul 5, 2011) - Meadows Bank, a full service community bank specializing in Small Business Administration (SBA) and United States Department of Agriculture (USDA) loans, headquartered in Las Vegas, NV, announced today it has provided SBA loans totaling over $6 million to four businesses in Nevada. The businesses are a retailer, a restaurant, a service provider and a gas station.

The loan to the 23 year old retail business was for debt refinance and business expansion. The expansion will create 20 new jobs. The new loan refinanced high interest debt and the savings is being used to fund the company's expansion. Eric Colvin, VP with Meadows Bank SBA Department, was approached by the borrower for an expansion loan. Upon analyzing the financial statements of the business, Eric noted that the company had several high interest rate loans that were eligible for refinance. He discussed this option with the business owner and a loan to fund the expansion plus the debt refinance was approved. What made the business owner really excited was that his monthly loan payment on the new loan, which included the new debt for the expansion, was less than the combined loan payments on the loans that were refinanced. "Eric took the time to understand my business and he crafted a solution that funded my expansion and reduced my loan payments at the same time. It is great to work with a Bank that adds value to the loan process. I now consider Meadows Bank an important part of my business team," said the owner of the company.

The restaurant that received an SBA loan is an established pizzeria and used the loan to open a third location. This new location will create 25 jobs in the local economy. "I have had a relationship with the people at Meadows Bank SBA department for years and have done several loans with them. When it was time for my business to expand, I knew exactly who to call to get the financing approved quickly," said the owner of the business.

The service provider that received an SBA loan was also expanding its business to a new location which created 20 new jobs. The gas station loan was a business acquisition loan to a qualified operator and the financing helped retain five jobs in the local economy. "We are grateful for the partnership we have with the SBA. This partnership has allowed Meadows Bank to provide the financing discussed above which created a total of 65 new jobs in the local economy. Small business growth is what will help reduce the stubbornly high unemployment rate in Southern Nevada. Meadows Bank is glad to be doing its part to aid the local job market in its recovery," said Cal Regan, SVP and manager of Meadows Bank SBA Division.

About Meadows Bank: Meadows Bank is a community bank headquartered in Las Vegas, NV with loan production offices in Salt Lake City, UT; Sacramento, CA; San Diego, CA and Denver, CO. Meadows Bank specializes in SBA and USDA Rural Development lending and has a staff of loan officers, underwriters and processors dedicated solely to SBA and USDA lending. For more information on obtaining an SBA or USDA loan through Meadows Bank, please contact one of our SBA Loan Experts at 702-471-2265 or visit our website at www.meadowsbank.com