LAS VEGAS; October 30, 2002For the fiscal year ended September 30, 2002, Nevada State Bank, a subsidiary of Zions Bancorporation (Nasdaq: ZION), approved 46 for approximately $12,235,300 U.S. Small Business Administration ("SBA") government-guaranteed loans in Nevada, ranking Nevada State Bank as the state's top provider of SBA loans to small businesses. Nevada State Bank’s top ranking in Nevada marks the first complete year that the bank has ranked as the state's top SBA lender since the SBA Department started in 2001.
The 46 loans approved by Nevada State Bank in Nevada totaled approximately $12.2 million, and represent approximately 10 percent of the SBA-backed loans approved in Nevada during fiscal year 2002.
“Nevada State Bank is proud to be the #1 ranked preferred lender for the SBA program in Nevada, focusing on providing small businesses the ability to grow and flourish in our economy,” stated Bill Martin, NSB chairman, president and CEO. Martin added that he is equally proud that we were the #1 ranked lender for minority and women-owned businesses.
In addition to its ranking as an overall leader in SBA lending, Nevada State Bank also leads all other banks in Nevada in marketing loans to the SBA's New Market segment, which represents Hispanics, Native Americans, Asians, veterans and women. During fiscal year 2002, 13 percent (or 26 loans) totaling $7 million (18% of dollar volume) of the SBA loans approved by Nevada State Bank were to the SBA's New Market segment. This combined figure represents more loans than most other banks in Nevada did in total SBA 7(a) loan volume during the year.
The SBA 7(a) loan program offers up to 25-year, fully amortized loans that result in lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of real estate to house the business operations; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and, working capital.
America's 25 million small businesses employ more than 50 percent of the private workforce, generate more than half of the nation's gross domestic product, and are the principal source of new jobs in the U.S. economy.
The U.S. Small Business Administration, established in 1953, provides financial, technical and management assistance to help Americans start, run, and grow their businesses. With a portfolio of business loans, loan guarantees and disaster loans worth more than $45 billion, in addition to a venture capital portfolio of $13 billion, the SBA is the nation's largest single financial backer of small businesses. Last year, the SBA offered management and technical assistance to more than one million small business owners. The SBA also plays a major role in the government's disaster relief efforts by making low interest recovery loans to both homeowners and businesses.
Nevada State Bank's SBA Department is housed at the bank's headquarters, located at 750 East Warm Springs Road, and offers a full range of SBA 7a, 504 and USDA loan programs. Information and applications on Nevada State Bank's SBA lending program can be obtained at any Nevada State Bank branch.
Nevada State Bank, with assets over $2.6 billion, is the third largest commercial bank in Nevada. Established in 1959, it is the oldest state chartered bank in Nevada with a total of 61 branches statewide. Many of these branches are conveniently located in Smith’s Food & Drug Stores, which are open on evenings and weekends. Nevada State Bank is a full-service bank offering a complete range of consumer and business services. For more information on Nevada State Bank, call (800) 727-4743 or (775) 852-6611 in northern Nevada (702) 383-0009 in southern Nevada, or access www.nsbank.com.