Nevada’s financial situation deteriorated in 2010 and the situation remained worst ever during this period. The situation deteriorated in 2010 compared to the previous 35 years of the US SBA Administration in Nevada. 2010 was a bad time for Small businesses of Nevada but then the situation improved in 2011. Funds have been procured for small businesses in 2011 but it has not been stellar.
The SBA during the period of Oct. 1, 2010 and Sept. 11, 2011 made 429 loans that totaled to $166,943. This is an increase in loans compared to $103,026 million lent in 2010. In 2012, the number of loans is expected to further increase as new funding sources are slated to be made available for Small Businesses in this New Year.
The fact remains that if one is perfect borrower and has a clean record then it is possible to secure loans. State entrepreneurs can start and grow their business with loan support if they are able to present themselves as trustworthy entrepreneurs to the lenders.
Small Businesses that are struggling due to weak economy are the ones that really need help. The help comes in the form of small business loans. Sometimes they can’t find loans in-spite of having a good credit history. In Nevada, there are no Venture Capital firms to fund companies in $1.5 million or higher loans. This is the reason why private lenders need to play a more proactive role in funding small businesses of Nevada.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com