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August 2017 

"Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company".

George Washington

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In the U.S., there are nearly 28.8 million small businesses. They account for about 48 percent of the private workforce, according to data from the U.S. Small Business Association. While seen by most economists as the backbone of our economy, these same businesses are often at a disadvantage when it comes to borrowing. Why?

In short, too many big banks are still behind the curve when it comes to modernizing their lending processes, including the ways in which they ascertain the true value and growth potential of a business. A new book on small business valuation estimates that nearly 67 percent of small businesses are under-financed – if they can even get a loan.

How did this happen?

Following the 2008 financial crisis, banks became more risk-averse and regulatory changes also forced them to convert capital and make fewer higher risk loans. When combined with an already heavy reliance on FICO scores and the income statements of the business owner or major shareholders – important metrics, to be sure, but not the only ones that matter – small businesses found themselves subject to much higher collateral requirements that priced them out of the lending game, sometimes unfairly.

The economy can only grow when hard-working employers can obtain the funds they need to expand and hire. Here at Bank of George, we are committed to efficiently marrying our supply of available funds to the borrowing needs of the small business community. Our small business loan application process is fast, simple, and fair. We offer a variety of loan types, including specialized SBA programs. And we are committed to dealing fairly with businesses based on their real value, their real ability to repay loans, and their real capacity for growth.

While we must of course mitigate risk, we are able to do so efficiently by having a more detailed understanding of a businesses’ valuation, revenue, capital, and collateral. As we celebrate our 10th year in business, we are proud of our growth in recent years – and the personal touch we bring to each and every transaction.

State Agencies Hire High School Students with Disabilities as Summer Interns

More than a dozen state agencies throughout Nevada are taking advantage of a six-week program allowing high school students with disabilities to obtain work experience by serving as interns. Through the program, 43 students are working at various sites learning job skills and general workplace behavior/etiquette that will help them become employed when they complete high school.

“We are proud of this program and have had overwhelmingly positive feedback from both the state agencies and the interns as to the value of this experience,” Hendren said. “This work experience will go a long way in showing potential employers what these young people have to offer in the workplace. It also helps instill self-confidence and the ability to make informed choices about their career paths.”

Some of the agencies which are participating, in addition to DETR offices in Carson City and Las Vegas, include: Pahrump Behavioral Health Clinic, State Treasurer’s office, Division of Parks, Fleet Services, UNLV Student Affairs, Nevada Highway Patrol, Department of Health and Human Services, Office of the Military, UNR Cooperative Extension, Department of Taxation and Nevada Department of Veterans Services.

The program was created by the Bureau of Vocational Rehabilitation, which is a program within the Department of Employment, Training and Rehabilitation. The Bureau assists high school students who have disabilities in gaining the skills they need after high school to transition to employment or postsecondary education, said Shelley Hendren, administrator for DETR’s Rehabilitation Division which oversees the Bureau.

3 Unique Scavenger Hunt Ideas
Have fun and help your favorite charity with these unique scavenger hunts

Scouring the neighborhood for random and potentially wacky items while pitted against other teams of hunters is a great way for families and friends to spend the day or evening, especially when that fun-filled scavenger hunt is for a good cause.

Route 66 Road Trip: Tulsa to Chicago
Where to find fun of the final section of historic Route 66

Known as the “Main Street of America,” historic Route 66 may have lost much of its relevance over the years, but has retained all of its charms.

4 Easy Ways to Hydrate in the Summer Heat
Tips to keep you hydrated all summer long

Drinking enough water during the day to keep your body functioning at its best is difficult. Work, family time and other responsibilities take up most of our attention, and the last person you probably focus on is yourself. “Drink enough water” is just one more thing on your never-ending to-do list.

3 Great Cars for Back to School
Comfort, affordability and more for going back to school

With the start of school comes the start of after school activities. That means lots of extra driving. So what could be a better place to start assessing your back-to-school needs than with a new car?

5 Dog Breeds Surprisingly Suited to Small Apartment Life
These breeds are perfect for smaller spaces

Dog lovers can still be dog lovers no matter where they are; whether you live in a big house with a fenced in yard or a one-bedroom apartment, there is a dog out there waiting to make your home its own. Here are a handful of well-known dog breeds that are fit for apartment life.

7 Ideas for Hosting a Party in a Small House
Seven ways to maximize a small space for a big get-together

With a little creativity, maneuvering and outside-the-small-space thinking, you will be able to transform your home to welcome all your party guests.

Published by Bank of George
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.

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