SOURCE: Meadows Bank

Meadows Bank

December 08, 2010 14:51 ET

Meadows Bank Successfully Sells Its First SBA 504 Loan Pool

LAS VEGAS, NV--(Marketwire - December 8, 2010) - 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 successfully sold its first SBA 504 loan pool under the new SBA First Mortgage Loan Pooling Program.

"Meadows Bank is proud to be one of the first banks in the nation to create and sell a loan pool under this new program designed to stimulate SBA lending," said Calvin Regan, Senior Vice President and Manager of the SBA Department. "There were a lot of hurdles to clear to make this happen but our team at Meadows Bank pulled together and was able to complete this loan pool sale in a relatively short period of time. We also had a lot of guidance from Colson Services in New York and Secondary Market Access, a division of CDC Small Business in California, which helped make this sale a success. Another important factor to remember about the loans in this pool is the number of new jobs created and the number of existing jobs retained because Meadows Bank provided this financing. It is very important that we support credit-worthy small businesses because it is these businesses that will create jobs to lead the country out of the recession." 

Meadows Bank is an SBA approved pool originator and expects to continue to form and sell loan pools as long as the program is available through the SBA. The program is currently authorized to operate through September 2012.

About Meadows Bank: Meadows Bank is a community bank headquartered in Las Vegas, NV with loan production offices in Salt Lake City, UT and Sacramento, CA. Meadows Bank specializes in SBA and USDA Rural Development lending and has a full 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