LAS VEGAS – Small businesses are the economic engine creating the majority of jobs in Southern Nevada. Bank of Nevada is proving its commitment to this important business sector by becoming the number one participating lender in Southern Nevada — year-to-date in 2016 — in its partnership with TMC Financing and the Small Business Administration’s (SBA) 504 Program.
The program provides up to 90 percent financing to business owners in the purchase of commercial owner-occupied property. TMC Financing data shows Bank of Nevada provided more loans than any other participating lender in 2016 in Southern Nevada, (fiscal year ending September 2016) and was also the number one SBA 504 participating lender in 2012, 2014 and 2015.
“We are working to be the financial institution of choice for business owners and operators in Southern Nevada,” said Aimee Burford, VP Commercial Real Estate Lender. “By partnering with TMC Financing on these important SBA 504 loans, we are giving business owners the ability to hire additional employees, expand their business and diversify the economy of Southern Nevada.”
Without the SBA 504 program, many small business owners who lease property would have difficulty coming up with the large downpayment required to purchase property. By providing advantageous loan terms, the SBA 504 program allows small businesses to expand their business and create new jobs. The vast majority of job growth comes from the small business sector, which is defined as those businesses with a net worth of up to $15 million dollars and net income of less than $5 million.
TMC Financing works with many financial institutions, including Bank of Nevada, to provide the funding for businesses to expand. Because TMC Financing partners with individual financial institutions on these projects, and shares any potential risk, the loan is more likely to be approved.
“TMC Financing is thrilled to be working with a number of excellent financial institutions in Southern Nevada who seek to increase the availability of financing for small business owners,” said Ann Santiago, Senior Vice President and Business Development Officer at TMC Financing. “Many clients tell us they like the one-on-one relationship they have with their representative at Bank of Nevada. It has done an excellent job of reaching out to the small business owner.”
Without the SBA 504 program, business owners would need to provide a 20 to 30 percent down payment in order to have a loan funded. With the SBA 504, owners who qualify can put as little as 10 percent down, allowing the business more cash to operate and to hire additional employees.
About Bank of Nevada
Bank of Nevada is a division of Western Alliance Bank, the go-to bank for business in its growing markets. Founded in 1994, Bank of Nevada offers a full spectrum of deposit, lending, treasury management, international banking and online banking products and services, plus superior service to meet the needs of local businesses. With 11 offices in Las Vegas, Henderson, North Las Vegas and Mesquite, along with Western Alliance Bank’s robust national platform of specialized financial services, the banking division is a valued partner for Southern Nevada’s business, real estate, professional, municipal and nonprofit communities. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. With $14 billion in assets, Western Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding companies in the U.S. and recognized as #10 on the Forbes 2016 “Best Banks in America” list. For more information, visit www.bankofnevada.com.
About Western Alliance Bank
With $14 billion in assets, top-performing Western Alliance Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding companies in the U.S. and recognized as #10 on the Forbes 2016 “Best Banks in America” list. Its primary subsidiary, Western Alliance Bank, is the go-to bank for business and succeeds with local teams of experienced bankers who deliver superior service and a full spectrum of deposit, lending, treasury management, international banking and online banking products and services. Western Alliance Bank operates full-service banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. The bank also serves business customers through a robust national platform of specialized financial services including Corporate Finance, Equity Fund Resources, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, Technology Finance and Alliance Association Bank. For more information, visit westernalliancebancorporation.com.
For additional information, please contact:
Bank of Nevada