Small business lending is trending upward in Southern Nevada, helping companies expand

0318_VI_SmallBusinessLoan01_t618Business partners Bob King and Larry Stevens took their bright idea to the bank last fall. By the time they were done, the lighting salesmen were on track to expand their 13-year-old company.

“We’ve been leasing space for the last 12 years,” said King, president and CEO of Design Concepts Inc. (known locally as DCI), a sales representative for lighting manufacturers.

“We decided that with the price of property today, the value is there to go ahead and buy a building rather than continue to lease. The opportunity presented itself.”

King and Stevens see the move as a turning point for their company, one that will help them grow. But like many small business owners who had never applied for a business loan, the process seemed daunting.

How much time will it take? What records will I need? Will my loan be approved?

Fortunately for King and Stevens, they had a clean record and their loan was approved in November.

Small business lending is on the rise in Southern Nevada.

City National Bank, for example, lent $14 billion during the fourth quarter of last year, 3 percent more than in the previous quarter and 14 percent more than a year earlier.Small Business Administration lending was up 54 percent at City National last year.

Read entire story here