Nevada State Bank recently received recognition from the Small Business Administration (SBA) as SBA Statewide Lender of the Year for fiscal year 2021. This was the third year in a row that NSB received that honor. Nevada State Bank ranked No. 1 in SBA 7(a) loans, with more than $29 million in loans to small businesses in Nevada. It was third in volume of 7(a) loans and fifth in volume of SBA 504 loans.

An SBA 7(a) loan can be used as working capital; business acquisition; to purchase, construct, renovate, or expand buildings; purchase supplies, inventory, or fixed assets; and even to start or purchase a new business. The 504 loan program is often used for investment in larger fixed assets and/or owner occupied real estate.

“I am extremely proud of the work that we do here at Nevada State Bank to help our small business community,” said Megan Comfort, Senior Vice President and SBA/Small Business Manager for NSB. “Outside of being recognized by the SBA as being the top Statewide SBA Lender, the real recognition comes from our clients who appreciate what we do to help their businesses thrive and grow.” 

During the pandemic in 2020 and 2021, NSB assisted the SBA in processing more than 7,700 SBA Paycheck Protection Program (PPP) loans, totaling nearly $851 million. More than 74% of those loans were made to businesses with fewer than 10 employees, indicating that significant funding was received by smaller businesses.

The SBA programs provide more favorable terms and structures to borrowers. They also enable lenders to offer financing they would not otherwise be able to provide by supplying a guarantee of a significant portion of the loan amount. Because the SBA’s guaranty substantially reduces the lenders’ risk of default, lenders are willing to make SBA loans with longer terms, more flexible qualification requirements, and/or lower down payment requirements.

To offer SBA loans, a financial institution or organization must become certified as an approved SBA lender. But there is another tier of lender status within the SBA program, and it has a big impact on the borrower. Some institutions, including Nevada State Bank, are certified as Preferred Lenders. These lenders have a successful track record of processing and servicing a large number of SBA loans and have demonstrated their solid understanding of effective SBA loan underwriting. Being a Preferred Lender means a financial institution can do its own loan approvals in-house and get a streamlined approval from the SBA to finalize the loan.

When asked what information the SBA needs to help with a business’s financing request, Comfort said, “They want to see a targeted and detailed business plan, along with projections and details on how to achieve these numbers. For example, perhaps the financing will be used to generate more jobs, which will lead to higher revenue and better profitability. Or the financing will help them purchase new equipment, leading to better automation, more sales, increased efficiency and improved profitability.”

In addition to SBA loans, Nevada State Bank provides a variety of loan2 products to help Nevada businesses manage cash flow, expand operations and prepare for opportunities.


2. Subject to credit approval. Terms and conditions apply. See a banker for details.


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC