Increased commercial lending has obligated more than $250 million in USDA B&I CARES Act loans, among the largest of any participating lender
RENO, Nev., February 3, 2022 /PRNewswire/ — Greater Commercial Lending (GCL), a subsidiary of Greater Nevada Credit Union (GNCU) that serves rural and underserved communities, obligated on $200 million in government guaranteed loans from the US Department of Agriculture (USDA) Business and Industry CARES Act and assisted with approximately $50 million through September 30, 2021. This is one of the highest amounts of all lenders that participated in the program.
The B&I CARES Act program provided loan guarantees to lenders providing 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 has made a significant difference to businesses in many rural communities that have been hard hit by the effects of COVID-19. I am especially proud of the Greater Commercial Lending team for their work on these loans, d ‘especially since they were 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 underserved communities and improve the quality of life in these places.”
“Under the leadership of President Biden, Vice President Harris and Secretary of Agriculture Vilsack, the USDA is expanding access to capital to prioritize rural economic development. As we continue to respond to the pandemic of COVID-19 and restoring the economy, the USDA remains committed to helping rural businesses create job opportunities so that rural Americans can build back better and stronger than ever before,” said Justin MaxsonUSDA Deputy Assistant Secretary for Rural Development.
GCL brings together credit unions and community banks from across the United States to provide government-backed loans to businesses and initiatives in rural and underserved markets. GCL partners with the SBA and USDA, which guarantee the loans, to arrange credit for entities on favorable terms.
The country’s first B&I CARES Act loan, which was granted to Eagle’s Catch, an aquaculture farm in Elsworth, Iowawas created by GCL.
“About 91% of all seafood in United States is imported. Our goal is to help make fish one of the most water and carbon neutral forms of animal protein. When the pandemic started, it really put us in a difficult situation. But there were a lot of great programs from the USDA as well as the CARES Act that got us through this really tough time. Greater Commercial Lending has worked with us on a comprehensive agreement that will allow us to grow over the next few years. It also helped us cover a lot of the losses we were seeing as a result of the ongoing pandemic,” said Joe Sweeneyfounder and CEO of Eagle’s Catch.
“We are really happy to have this relationship [with GCL] as they are one of the best in the country for their partnership with the USDA on the Business and Industrial Loan Guarantee Program,” Sweeney added.
About the expansion of commercial loans
Greater Commercial Lending (GCL) is a lending organization that brings together credit unions and community lenders from across the United States to provide government-backed loans to businesses and initiatives in rural and underserved markets across the United States. United States and its territories. It helps fund key infrastructure services, such as electricity, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the United States Small Business Administration (SBA) and United States Department of Agriculture (USDA), which guarantee the loans, to arrange credit on favorable terms.
About Greater Nevada Credit Union
Bigger Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and helping the people of Nevada meet their financial needs since 1949. The credit union serves more than 80,000 consumers and small businesses and has more than $1.5 billion in assets. GNCU subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage and Greater Nevada Insurance. GNCU has been consistently recognized as the best financial institution in many of its service areas, as one of the best employers by the Reno/Tahoe Best Places to Work Awards and is the USDA Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.
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