The CARES Act program made a significant difference for businesses in many rural communities that were hit hard by the effects of COVID-19.
RENO, Nev. | Greater Commercial Lending (GCL), a subsidiary of Greater Nevada Credit Union (GNCU) that serves rural and under-served communities, obligated over $200 million in government-guaranteed U.S. Department of Agriculture (USDA) Business and Industry CARES Act loans and assisted with approximately $50 million through September 30, 2021. That is among the highest amount of any lender that participated in the program.
The B&I CARES Act program offered loan guarantees to lenders that provide credit to rural businesses and agricultural producers to supplement their working capital to prevent, prepare for and respond to the impacts of the COVID-19 pandemic.
“The CARES Act program made a significant difference for businesses in many rural communities that were hit hard by the effects of COVID-19. I’m particularly proud of the team at Greater Commercial Lending for their work on these loans, especially given that they were in the midst of working on PPP and SBA 7(a) loans at the same time,” said Jeremy Gilpin, executive vice president of GCL. “Our main goal at GCL is to help organizations in rural and under-served communities and to enhance quality of life in those places.”
“Under the leadership of President Biden, Vice President Harris and Agriculture Secretary Vilsack, USDA is expanding access to capital to prioritize rural economic development. As we continue to respond to the COVID-19 pandemic and restore the economy, USDA remains committed to helping rural businesses create job opportunities so rural Americans can build back better and stronger than ever before,” said Justin Maxson, USDA Deputy Under Secretary for Rural Development.
GCL brings together credit unions and community banks from around the U.S. to provide government-guaranteed loans to businesses and initiatives in rural and under-served markets. GCL partners with the SBA and the USDA, which guarantee loans, to arrange credit for entities at favorable terms.
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