DALLAS, Sept. 28 /PRNewswire/ -- Davis Deadman, president and CEO of NexBank, announced the formation of a new Small Business Administration (SBA) Lending Division at the bank. Ron Tittle, Senior Vice President of SBA Lending, will direct the lending activities of the Division. Dallas-based NexBank is a North Texas leader in banking and financial services.
Deadman indicated that the formation of an SBA lending program is in keeping with the bank's philosophy of community lending. "As one of the premier community banks in North Texas, we feel it is appropriate to offer this invaluable lending program at this juncture in the economic cycle," Deadman stated. He commented that while NexBank has continued to lend in a traditional manner throughout the economic downturn, the bank now sees new opportunities to lend money prudently with the help of the SBA. "This program will allow us to continue to help local businesses in these difficult times," Deadman said. "Small and medium-sized businesses are the backbone of our economy, and the sooner we can get main street back to normal, the faster the general economy will return as well."
When Deadman appointed Ron Tittle to head up the newly formed Small Business Administration (SBA) Division as Senior Vice President and Divisional Manager, he tapped the nearly 20 years of small business lending experience that Tittle has directed at other organizations.
"Ron and his team are a timely addition to NexBank. This type of service offered to the local business community is well needed and will become one more reason for entrepreneurs to maintain their entire banking relationship with us," said Deadman. "The entire team of SBA bankers is seasoned in the industry and has the expertise to remain instrumental in assisting the small business communities in North Texas. Furthermore, with the continuation of the U.S. SBA's Recovery Act, we can now offer loans up to $5,000,000, a 90 percent guaranty on 7(a) loans and eliminate the upfront guaranty fees associated with all eligible loans."
The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters." The SBA does not make loans directly to small businesses, but acts as guarantor on the bank loan. The SBA has directly or indirectly helped more than 20 million businesses, and is the largest single financial backer of businesses in the United States.
About NexBank:
NexBank, SSB, is headquartered in Dallas in the NexBank Building, Galleria II Tower. Originally founded in 1922, the bank was purchased in 2004 by a group of Dallas-based investors who have refocused the bank to become a sophisticated and capable force in commercial real estate and specialty financing (local) and leader in deposit and savings rates. For more information, visit www.nexbank.com.
SOURCE NexBank
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