For immediate release
LAS VEGAS, NV - Nevada State Bank is redoubling its efforts to open the door to a brighter future for consumers and businesses beginning this month. As part of its year-long lending campaign, Nevada State Bank has added a consumer loan program to defer payments for 90 days on new and existing loans.
"We know that some consumers need just a little relief to gain footing on their financial commitments," said Dallas Haun, president and chief executive officer of Nevada State Bank. "This program would enable them to take the time to do so without the worry of missed payments or late fees. We have great options out there for businesses and we know there are consumers under similar economic stress. We're working to find potential solutions for them and hope this might be helpful in some situations."
Nevada State Bank recently reached out to 2,300 local business owners, inviting them to apply for a line of credit at special reduced rates with an accelerated approval process.
"While we must continue our prudent lending practices and guidelines, we do want to get the cash flow out to the local economy," explained Haun. "We see the entrepreneurs and small business owners as the key factor in reinvigorating the economy. My colleagues and I are constantly looking for new ways to reach out and help them through tough times. We have already modified the loan structure for 500 of our clients."
Haun also cites the Feb. 17 "Opening Doors 2009" conference, which was attended by several hundred business owners in Las Vegas, as a key effort. "Opening Doors" included presentations from the U.S. Small Business Administration and U.S. Sen. Harry Reid, in addition to an in-depth keynote on fraud prevention from Frank Abagnale, author of Catch Me If You Can.
"Providing the right information during such a difficult time can be just what a business needs," said Haun, adding that the event was so well received that plans are underway to host another in the Reno area in early June. "The feedback on our attendee survey was overwhelmingly positive. We want to be sure to provide this helpful information to people throughout Nevada."
The business lending campaign, known as "We are lending!" at the bank, has also redoubled efforts with a streamlined loan application and faster approval processes, lower rates and even modified payment schedules for some existing clients.
Many of the clients Nevada State Bank works with expressed their gratitude that the bank is lending and is willing to take the time to understand their needs and goals.
Jack Kasarjian, president of X Bats, a Las Vegas-based manufacturer whose wood baseball bats are used by more than 300 Major League players, recently switched to NSB for his firm’s financial needs.
"It’s refreshing to hear Nevada State Bank say, 'Yes, we are in business!,' said Kasarjian. "So many banks have shut down lending, which doesn’t serve anyone, including the bank."
Nevada State Bank, celebrating 50 years of service in 2009, is a conservative bank that has never participated in subprime lending. Thus, Haun said the largest and oldest state-chartered bank in Nevada is a safe, secure and solid source for companies looking for loans to expand or strengthen their business.
"The clients we’ve talked to have stated that it’s more necessary than ever to have access to cash in today’s market," said Haun. "I want to make sure we do our part to make sure that door is open."
About Nevada State Bank
Editor's note: Contact Sandi Milton at Nevada State Bank for a list of local NSB clients available for interviews.