Among those companies are doctor’s offices, manufacturing firms and auto repair shops, said Brian Wallace, NSDC business development officer.
The $11.8 million in SBA 504 loans translates into about $30 million in commercial real estate projects for small business owners and will help create or save 256 jobs statewide.
This compares with $7.3 million loaned in 2011 for the same quarter.
For fiscal year 2011, ending Sept. 30, NSDC approved $30.4 million in SBA 504 commercial real estate loans or helped finance about $76 million in commercial projects, with roughly half of these loans granted in northern Nevada. This helped create or save 907 jobs statewide.
Last year, owners of Pinocchio’s Bar and Grille in Reno were able to stabilize occupancy costs with a low, fixed interest rate.
Meanwhile, RFI Inc. in Reno took advantage of the loan program, which granted the owners a low down payment to conserve capital for other uses.
The loans are critical to helping businesses grow, particularly as the economic recovery has been slow to emerge, Wallace said.
The SBA is allowing refinancing using the SBA 504 loan program until Sept 27. The program also can be used for cash-out refinancing of commercial loans up to 90 percent. Small business owners must occupy 51 percent of the building and project amounts can go up to $12 million. January’s interest rate for the refinance program is 5.12 percent, fixed for 20 years.