Virgil's Corner

banks sign up for 'patriot' loans

About 10 banks in Nevada have signed up for the new business loan program that's targeted to verterans, active duty memebers of the military and their spouses.

The Patriot Express loans are available up to $500,000, with Small Business Administration guaranteeing up to 85% of loans up to $150,000 and 75% for loans above $150,000, said David Leonard, senior area manager for SBA in Reno. 

Along with the institutions that won early approval, Leonard said several banks have applied for the program.  Among northern Nevada lenders who alread have been approved, he said, are Nevada State Bank, Bank of America, US bank and Great Basin Bank.

Elko-based Great Basin Bank became the first Nevada-based lender to win authorization for the program.

Leonard said that only one loan so far has been made through the program in Nevada.  About 135 loans nationwide have been made through Patriot Express.

SBA says the program is based on a streamlined electronic application process which speeds response.  Interest rates, the agency says, runs from 2.25% to 4.75% over prime.

Leonard said he's drumming up interest in the program through presentations to members of the the Nevada National Guard as they return from Iraq.  He's also talking with other veterans organizations throughout the state.

acticle found in the Northern NV Business weekly, Monday September 10, 2007 written by NNBW staff

New Skywalk

"Conventioneers head from the convention center to the Atlantis won't face the perils of rushing traffic or frigid northern Nevada winds while crossing Peckham Lane as the Atlantis received final approval on designs for an approximately 400 fort enclosed skyway.  It will contact the center's North Hall exit to the south side of the resort's $50 million expansion." according to Monday september 10, 2007 edition of Northern NV Business Weekly, by Rob Sabo.  This project should be completed by third quarter 2008. 

Legends at Sparks Marina

Yesterday, September 5, 2007, 13 businesses committed to be a part of the Legends at Sparks Marina.

Some of the businesses that committed are:Harry & David fruit and gourmet food store, Forever 21, Cantina Corona, BCB Girls, BCBG, Adidas, Sunglass Staion and Lane Bryant.  As far as restuarants that have committed are: America's Roadhouse, Hot Dog Hall of Fame, Hash Housea Go Go, Chili'sGrill and Bar and SegaWorld Sports Grille. 

This new development plans to open October 2008. 

Employment

According to the Northern NV Business Weekly posted on August 29, 2007

The Nevada Commission on Economic Development says the the 300 jobs added at Microsoft Licensing in Reno in the past 12 moths were the largest expansion of employment anywhere in the state.  also in the top three:  The 200 jobs to be added by PetSMart at its warehouse at Tahoe Reno Industrial Center.

133rd Nevada State Fair

The Nevada State Fair opens its gates today for the 133rd time.  The fair will run from today until Sunday, August 26th held at the Livestock Event Center.  Admission is $7 general and for senior and children under 10 are free.  Always a great time, between the exhibits, livestock, food, and rides.  For more information visit www.nvstatefair.com

Check out the happenings around Reno

I have updated the my calendar which will show you all the events that are happening in and around Reno.  I hope that you will be able to get out and enjoy some of them!

Mortgage rates dip

Mortgage rates on 30 year mortgage dropped to their lowest point in two months. 

Mortgage company FreddieMac says 30year mortgages averaged 6.59%.  and on 15 year rate dropped to 6.25%  Rates on one-year adjustable rate also fell to 5.65%

This means good news to buyers, with a large amount of inventory and housing prices are the best they've been in five years....it's time for buyers to seriously take a second look at purchasing.

No decision

On August 1st the Reno Planning Commission heard from a several dozen residents on the approval to re-zone  residential area from 55 ft to 360 ft., to build the condo/high rise project south of Reno.  The residents of south Reno main conern was the traffic.  The Reno Planning Commission has not made a decision at this time and will wait until traffic studies have been preformed. 

How you can boost your credit score

Here are some tip on helping your credit:

*Be punctual - late or missed payments account for 35% of your credit score.

*Check your credit report - inaccurate information can mess up your credit score. You are entitled to one free credit report per you, which you can obtain on line at www.annualcreditreport.com  You can also call the three credit bureaus:

Experian 888-379-3742

Equifax 800-685-1111

TransUnion 800-888-4213

*Keep debt in check.  Keeping your account balances at less than 50% of your credit limit helps.  Roughly 30% of your credit score in based on the amount that you owe verses your credit limit.

*Always try to keep a mix of credit.  Example, mortgage, a credit card, and car loan.  Try not to have more than two credit cards. 

I hope this helps - being credit wise.

A new look for south Reno?

This was posted in the RGJ on 8/1/07 written by Susan Voyles

"Four condominium towers up to 30 stories tall, altering the skyline of south Truckee Meadows, could be built under a zoning change in a project to be considered toning by the Reno Planning Commission.

At the south edge of the South Meadows Business Park, the 16 acre South Blvd. project would contain up to 1,726 condos and 130,000 square feet of space for shops, restaurants and offices.  A zoing change to boot the hieght limit from 55 feet to 360 feet is being sought."

If you would like more on this article you may visit www.rjg.com

I will be following this, to see if change is going to happen south of Reno.