As our team at Nevada State Development Corporation enters the new fiscal year, the watchword for 2020 is optimism. We’re optimistic about the state’s economic prospects, we’re optimistic about the continued growth of the SBA 504 loan program, and we’re optimistic about Nevada’s future.
Interest rates in the 504 program are at or near all-time lows, creating tremendous opportunities for business owners throughout the state who are looking to secure a brighter future for themselves, their businesses and their families.
We saw our loan volume pick up as we neared the end of fiscal year 2019, and we’re excited as we head into fiscal year 2020. We’re staffed to make the loan process as easy and as smooth as possible, and we look forward to sustaining the relationships with all the lending partners we have worked with through the years while building new partnerships.
Our numbers at NSDC for fiscal year 2019 reflect an economic picture that is healthy and robust. In fiscal year 2019 we funded a total of 48 loans for $34.37 million. That equates to an estimated 550 new jobs created statewide. As strong as those results are, we fully expect to exceed those numbers in fiscal year 2020.
I would like to take the opportunity to offer my sincere thanks to all of our partners in the banking industry and the real estate field along with our friends at the U.S. Small Business Administration for their immense support. It is an honor that they place their faith and trust in our team. NSDC has been around for nearly 40 years now, and it is a distinct privilege for us to have been able to serve businesses in the state for that period of time. We are greatly appreciative whenever one of our lending partners thinks of us for their SBA 504 loan packages. It means a lot that they have such confidence in us to deliver, and we take that responsibility seriously.
I want to thank our highly talented staff members in our Las Vegas and Reno locations for providing the highest level of service to our clients. Of course, huge thanks goes out to all of our small business clients, who represent the heart and soul of our mission. We deeply appreciate the opportunity to contribute to your growth and success.
One of the goals of a certified development company (CDC) is to make economic contributions to the areas they serve, and this is another bright spot for NSDC. For fiscal year 2020, we are intending to invest a projected $20,000 in other economic development programs in Nevada to assist them.
The most rewarding aspect of leading NSDC is enjoying the opportunity to serve small businesses in the state of Nevada. At NSDC, we are a small business ourselves, so it is particularly gratifying that we have been able to help so many small businesses grow.
Looking ahead, our vision for 2020 couldn’t be clearer: We see even more progress, prosperity and profits for all of our borrowers, lending partners, friends and extended NSDC family.
All the best,