Main Street Wednesday – Tesla Giga Factory Spurs SBA 504 Loan Volume in Nevada

December 24, 2014

By Bob Coleman
Editor, Coleman Report Afternoon Brief

The $5 billion Tesla Motors factory to produce lithium ion batteries for electric cars is an economic boon to the Reno, Nevada area.

Construction began several months ago and when completed in 2017 Tesla is expected to add 6,500 employees.

But, the economic impact is already here.

Rob Sabo of the Nevada Appeal reports SBA 504 loan is up.

He writes, “Business borrowing activity also is on the rise. Roger Kadz, business development officer for Nevada State Development Corporation, says that since the Tesla announcement in September NSDC has seen increased applications from small businesses for SBA 504 loans, especially from businesses related to residential home-building and residential remodeling, such as flooring, roofing, painting and engineering companies.

“Since September, NSDC has submitted 10 applications to the SBA and received approval for $7.3 million in SBA participation. For the period September 2012 to December 9, 2013, NSDC had 8 submissions to the SBA with approval of $5.3 million in SBA participation.