“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.
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