Nevada commercial loans reach 3-year high

5/12/2011

The U.S. Small Business Administration has been especially active in Nevada, with Vegas Inc reporting that small business lending has reached a three-year high.

More than $90 million worth of loans have been guaranteed in the 2011 fiscal year thus far, which started back in October. Elizabeth Echols, who is the regional administrator of the SBA was quick to note that 2011 lending has already surpassed the total worth of loans granted in both 2009 and 2010.

As the economy slowly shows signs of a rebound, it has become easier for the organization to guarantee commercial loans for local small businesses. "It's still tough, but we're starting to see activity out there," Echols told the website.

The SBA has been particularly active ever since President Barack Obama passed the Small Business Jobs Act of 2010. Obama plans to continue launching new initiative to support small businesses in the hopes that these companies will be major contributors to the turnaround of the national economy.