RENO, Nev. | Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), was recently recognized by the United States Department of Agriculture (USDA) as one of USDA Rural Development’s 2020 top commercial lending partners. GCL also ranked the highest in the U.S. for the USDA Business & Industry (B&I) Guaranteed Loan Program for 2020. GCL has consistently ranked as one of the top national USDA lenders year-after-year.
USDA Commercial Lending Program
Bette Brand, USDA under secretary for rural development, announced that USDA partnered with 181 commercial lenders to invest $2.1 billion in rural communities and businesses in fiscal year (FY) 2020. GCL partnered with USDA to obligate $295 million in rural communities during FY 2020. These investments helped 19 rural businesses acquire essential working capital through USDA’s Business and Industry (B&I) Loan Guarantee Program.
Nevada Rural Development State Director Philip Cowee said USDA’s lending partners play a critical role in making sure that rural economies stay strong and have financial resources in these difficult times.
Concurrently, GCL assisted or participated in an additional $157 million in loans from many of the top USDA commercial lending partners during the last fiscal year.
USDA Business & Industry Guaranteed Loan Program
GCL secured a record-breaking $205 million in obligated loans, a record also previously held by GCL in 2018 at more than $136 million. The B&I program was designed to assist rural businesses obtain needed credit to help save and create jobs in America. Many types of businesses are eligible for this loan, including those engaged in the manufacturing, wholesale, retail and service industries. They must be in cities or towns with less than 50,000 people. GCL is the only Nevada-based financial institution to be recognized as a top USDA commercial lender in the rankings.
“Without rural communities, our country would be crippled,” said Jeremy Gilpin, executive vice president for Greater Commercial Lending. “There’s also been a trend of urban out-migration into rural markets, so we need to make sure that we’re there for guidance, infrastructure and lending for people and organizations that make such places thrive. It’s our aim to help bolster our rural communities and make them stronger.”
Some of the rural businesses that GCL has assisted include Appalachian Wildlife Center, Spring Born, Inc., Penn Greenhouse, LLC and Four Peaks Energy.