Nevada State Bank has obtained approval for more than 4,200 PPP loans, helping businesses and nonprofits in northern Nevada

RENO – Based on applications completed as of May 13, 2020, Nevada State Bank announced the approval of 4,255 U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans for a total of $ 592,005,500.

Richard Thomas, executive vice president / northern Nevada executive for Nevada State Bank.

Over 68% of loans were made to businesses with less than 10 employees and approximately 82% of loans approved were for amounts less than $ 150,000 (57% for amounts less than $ 50,000). The funding will help preserve the payroll for 65,607 jobs in Nevada, based on applicant data.

The average loan for Nevada State Bank customers is $ 139,132; the median loan amount approved was $ 34,750. In addition, approximately $ 60 million in PPP loans have been made to businesses in rural Nevada.

“I have never been more proud of my colleagues at Nevada State Bank than in the past 30 days. It took heroic effort to process half a billion dollars and thousands of loans in 30 days, but it is exactly the effort needed to help save our state’s businesses, ”said Terry Shirey, President and CEO. the management of the Nevada State Bank. “These weeks of social distancing have been essential in saving lives, but incredibly difficult for our economy. PPP loans can help mitigate this impact and provide businesses with basic resources early in the reopening of Phase 1. ”

Across Nevada, more than 200 colleagues have been engaged in receiving, processing, and funding loans through the new PPP loan portal and funding process. Nevada technology teams have played a key role in using financial technology tools to meet customer needs, participating with Zions Bancorporation’s Enterprise Technology and Operations division to develop an end-to-end PPP technology solution in less time. ‘one week. “After receiving further advice from the SBA on April 2, the team worked through the night and weekends to have an automated loan application available on Tuesday, April 7,” added Shirey.

“There was a hectic pace around the funding of the first round. The clients were very worried about accessing the funds and when the first round ran out the uncertainty was extremely difficult for everyone as we were all waiting to see what would happen, ”recalled Richard Thomas. , executive vice president / officer of northern Nevada, who oversees the northern business team for State Bank of Nevada. “Fortunately, now most of the people who applied and qualified have received funding. There was significant relief at the local level when guidelines were finally changed for small local gaming companies. Through it all, there has been a constant flow of communication between coworkers and clients – just trying to keep everyone informed. We knew local customers and businesses were affected, and we felt a strong obligation to do whatever we could to help them. ”

The feeling of uncertainty regarding both COVID-19 and PPP funding has caused a lot of anxiety. Carpet King Interiors business owner Kelly Bryce shared her experience: “When Governor Sisolak’s order came in, I called a meeting and talked to my employees about their options. We didn’t know what to expect. The P3 loan gave me peace of mind knowing that I could pay the rent and keep my employees, and not compromise my ability to bring them back once business picked up. It’s not easy to find employees with the skills we need, even before the coronavirus, so it was important to hold on to our experienced employees. “

“In Fernley, a national bank closed its application process right after it opened. Fernley is a small town, and everyone knows everyone, so we all knew that by talking to other businesses, ”he explained. “It only increased our anxiety. While NSB took a few days to open its online app, once it did, it was painless. I was ready and my banker, Tracy Jo Johnson, was there on the phone to answer all of my questions. I was funded in a week. It was really quick. It’s hard to describe the peace of mind that gave me.

The PPP loans have also benefited Nevada nonprofits, such as Artown, whose July art festival and annual events were significantly affected. Beth Macmillan, Executive Director of Artown, describes the drama of the situation: “The atmosphere of uncertainty was unprecedented. Each day brought new, unexpected challenges and bad news. Artown has had to postpone all of its major public events and concerts for 2020. We have seen a dramatic drop in support from generally defined sources. The PPP loan application has had a direct impact on our ability to conduct business and on the continued functioning of our organization. “

Macmillan adds, “Without the staff at NSB, we would not have been able to complete the PPP process. Once their tech team created a workable and accessible digital request form, bankers were heavily involved in resolving issues as they arose. Our investment banker, Shirley Rodgers, was “virtually” by our side, keeping us informed of all the stages and requirements of the application process. She has been an invaluable partner, providing personalized advice and guidance. Without Shirley and the NSB team, we would not have been able to determine if the application was complete, submitted, or even in progress. We are very grateful to have the Nevada State Bank by our side.

Overall, U.S. SBA officials report that Nevada received $ 4.1 billion in PPP loans as of May 10 through the CARES Act. Nevada State Bank and Zions Bancorporation, NA processed approvals for 14.3% of dollars received by Nevada companies. “If businesses are the heart of the US economy, then financial institutions help pump their blood. The best advice… talk to your banker, ”said Shirey. “This community will work together to last and to recover. “

About Nevada State Bank (@nevadastatebank)

Nevada State Bank, a division of Zions Bancorporation, NA, celebrates its 60th anniversary this year. Founded on December 9, 1959, the full-service bank offers a full range of banking services to individuals, individuals and businesses. Colleagues at Nevada State Bank regularly volunteer in their communities and have dedicated themselves to making Nevada a better place to live for the past 60 years. Zions Bancorporation, NA is included in the S&P 500 and NASDAQ Financial 100 (NASDAQ: ZION) indices. For more information about Nevada State Bank, call 702.383.0009 or visit www.nsbank.com.

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