The Small Business Administration recently recognized Heritage Bank with its 504 Third Party Lender Award as part of Small Business Week 2015.
Each year since 1963, the SBA celebrates Nevada’s small businesses and the lenders who support them with much- needed capital for growth and expansion.
Receiving the SBA Platinum Lender Award, Heritage Bank is number one in Nevada in both SBA 504 loan production and dollar volume with 12 loans and $6.8 million for the fiscal year.
Ryan Riggin, vice president/ commercial loan officer at Heritage, accepted the award on behalf of the bank.
Greg McKay, vice president and loan production manager of Nevada State Development Corporation, presented the award.
The 504 program, one of the SBA’s lending initiatives, provides small businesses with long-term, fixed-rate financing to acquire major fixed assets, equipment and owner-occupied commercial real estate.
With capital for expansion or modernization and with reasonable terms, an SBA 504 loan encourages businesses to grow and thus, fostering economic development within a community and stimulates employment.
“Heritage Bank continues to be a valued lending partner to small businesses in northern Nevada,” said David Leonard, SBA Reno branch manager in a statement.
The 504 loan is a collaboration among Nevada State Development Corporation, a non-profit certified development corporation, Heritage Bank, a third-party lender and the SBA.
Heritage Bank of Nevada was founded in Reno in 1995. With a local board of directors, Heritage is committed to supporting its small business customers with business checking and customized loans, lines of credit and SBA loans.
Formed in 1981, Nevada State Development Corporation is authorized by the SBA to underwrite, process, fund and service loans through the 504 SBA Loan Program.