SOURCE: Meadows Bank

Meadows Bank

August 31, 2011 13:58 ET

Meadows Bank Announces Recent SBA Loan Closings in Utah Totaling Over $5.6 Million

LAS VEGAS, NV--(Marketwire - Aug 31, 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 $5.6 million to four businesses in Utah. The businesses are Utah Veterinarian Center, Aarons Rents, Apple 1 Food Stores, and Jordan Family Medical Clinic.

The loan to Utah Veterinarian Center will help create in excess of 60 new jobs in Utah. The new SBA 504 loan will be used to purchase a vacant building and convert it into a first class, twenty-four hour veterinary clinic serving the Salt Lake area. Manuel Bueno, VP with Meadows Bank, was invaluable in guiding the company through the SBA 504 loan process. "Manuel was great to work with. He knows the SBA programs inside and out and was able to get our loan request approved and closed within 45 days. The entire SBA loan experience at Meadows Bank was very refreshing," said Dennis Law, DVM president of the company.

The loan to Aarons Rents was an SBA 504 loan to construct a building to add a new location to its existing chain of franchised stores. "It is very satisfying to see a business that is able to continue to prosper and expand during these times of economic uncertainty. This new facility will create 15 new jobs and Meadows Bank is pleased to be able to partner with the SBA to help create these new jobs," said Manuel Bueno, VP of Meadows Bank Utah SBA Loan Production Office.

Apple 1 Food Stores, which received an SBA 7a loan, used the funds to acquire a second location for its existing business. This business expansion will create three new jobs in the Utah economy. "It is very difficult to get a loan in the gas station convenience store industry these days. I was pleasantly surprised to see that Meadows Bank and Manuel Bueno were willing to take the time to understand my business and understand the benefit to the business of this second location. The Bank worked with us very closely and took the time to learn our business which resulted in an approved loan," said Pushpinder Walia, president of the company.

Jordan Family Medical Clinic received an SBA 504 loan to purchase its own building instead of continuing to lease a facility. The new facility will create or retain 15 jobs. "The SBA 504 program and Meadows Bank allowed us to purchase and expand our facility at a monthly cost that is less than what we were paying in rent. Manuel Bueno spent time showing us different loan scenarios so that we could select the best option for our situation," said Dr. Denis Hamp from the practice.

"Meadows Bank is grateful that it was able to approve loans to these small businesses through its partnership with the SBA. Meadows Bank is committed to the SBA programs and its dedicated staff of SBA lending professionals strives to make the loan process very easy for prospective borrowers," said Calvin Regan, SVP and manager of Meadows Bank SBA Department.

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