LAS VEGAS – Based on processed applications as of May 13, 2020, Nevada State Bank has announced approval for 4,255 U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans totaling $592,005,500.
More than 68% of the loans were made to businesses with fewer than 10 employees and approximately 82% of the loans approved were for amounts less than $150,000 (57% for amounts less than $50,000). The funding will help preserve payrolls for 65,607 Nevada jobs, based on applicant data.
The average loan for Nevada State Bank clients is $139,132; the median loan amount approved was $34,750. In addition, an estimated $60 million in PPP loans went to businesses in rural Nevada cities.
“I have never been prouder of my Nevada State Bank colleagues than during the last 30 days. Processing half a billion dollars and thousands of loans in 30 days took heroic efforts, but that is exactly the effort needed to help save businesses in our state,” said Terry Shirey, president and CEO of Nevada State Bank. “These weeks of social distancing have been critical to saving lives but incredibly difficult for our economy. The PPP loans may help mitigate that impact and provide businesses some basic resources as the Phase 1 reopening begins.”
Throughout Nevada, more than 200 colleagues were engaged in receiving, processing and funding loans via the newly constructed PPP loan portal and funding process. Technology teams in Nevada were key to utilizing financial technology tools to solve client needs, participating with Zions Bancorporation’s Enterprise Technology and Operations division to develop an end-to-end PPP technology solution in less than a week. “After receiving additional guidance from the SBA on April 2, the team worked through nights and the weekend to have an automated loan application available on Tuesday, April 7,” added Shirey.
“This was a large task to take on in such a short period of time. We were inundated with client calls and concerns on how to apply, what information was needed, and what the process would look like, and understanding the SBA’s evolving guidelines. Underlying it all was our colleagues’ strong passion to help Nevada businesses,” recalled Megan Comfort, SVP/small business lending for Nevada State Bank. “I am very proud of what we accomplished when most colleagues were working remotely. Our bank colleagues really stepped up to the plate during a difficult and confusing time for everyone, keeping clients informed. We worked tirelessly through all hours to get PPP funds secured for our clients.”
And that’s just the kind of dedication that impressed Rolando R. Velasquez, a former trial attorney for the US Immigration and Naturalization Service with over 24 years of experience in all areas of immigration law. Velasquez now uses that knowledge, skill, and litigation experience to represent and help individuals with their difficult immigration matters, along with his team at Velasquez Immigration Law Group.
“I wanted to apply for a PPP loan because I didn’t want to furlough my seven employees or shut down, like some other businesses were doing. I watched my bank’s website for information about when to apply, but I didn’t see anything. Apparently, they started accepting applications on a Friday afternoon, and by the time I looked on Monday morning, they had already stopped taking applications,” he said. Since Velasquez also had accounts with Nevada State Bank, he checked NSB’s website as well. “I was amazed with how easy the online application was to use. I decided to submit my application for the PPP through Nevada State Bank and felt relieved with how straightforward it was. After I completed the application, bank colleagues Isabel Panahon and Susan Splan walked me through all of it and made sure I got my business accounts opened quickly. The whole process was painless, and I couldn’t be happier. It feels like NSB really does care about small businesses. It’s the best customer service I’ve ever dealt with.”
The PPP loans also benefitted Nevada non-profit organizations, such as Ronald McDonald House Charities, whose mission of supporting families seeking critical medical care for their children throughout this challenging timebecame especially important as the strain on healthcare facilities increased. CEO Alyson McCarthy describes her application experience, “I cannot tell you how intense the PPP process was, and everyone knows how time was of the essence. Had I not had the expertise and guidance from my NSB banker, Rich Justiana, the PPP process would have been a very intimidating experience. As a nonprofit that has never borrowed money or even written a government grant before, the worry of shouldering that completely on my own was removed by Rich reassuring me every step of the way, with phone calls, emails, and texts at all hours of the day and evening. There is no such thing as ‘banker’s hours’ where Nevada State Bank is concerned!”
Overall, U.S. SBA officials report that Nevada received $4.1billion in PPP loans, as of May 10, through the CARES Act. Nevada State Bank and Zions Bancorporation, N.A. processed approvals for 14.3% of the dollars received by Nevada businesses. “If businesses are the heartbeat of the American economy, then financial institutions are helping pump the blood to them. The best advice…talk to your banker,” emphasized Shirey. “This community will work together to endure, and to rise again.”
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, a division of Zions Bancorporation, N.A., is celebrating its 60th anniversary this year. Founded on Dec. 9, 1959, the full-service bank offers a complete range of consumer, Private, and business banking services. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 60 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, call 702.383.0009 or visit www.nsbank.com.