SBA 504 lending rises
Nevada State Development Corporation, a non-profit lender, approved $11.8 million in SBA 504 loans in the first quarter of its fiscal year. This compares with $7.3 million in lending in the same quarter a year earlier.
SBA 504 loans are used by borrowers to finance acquisition of commercial real estate and capital equipment. Until Sept. 27, 2012, the program also can be used for cash-out refinancing of some commercial loans.
Tiffiany Howard, a UNLV professor and recent Congressional Black Caucus Foundation senior research fellow, is the lead author of the study aimed at identifying ways banks can help support and invest in Black entrepreneurs.