ELLSWORTH, Iowa. – The first USDA Business and Industry CARES Act loan, which is intended to protect America’s small farms and businesses during the COVID-19 pandemic, has gone to an aquaculture farm in Iowa and was brokered by the Carson City, Nev.-based CUSO Greater Commercial Lending.
These loans provide working capital to help rural businesses prevent, prepare for or respond to the effects of the coronavirus pandemic, according to Greater Commercial Lending, a CUSO of Greater Nevada Credit Union.
Joe Sweeney, owner and operator of Eagle’s Catch, raises high-quality tilapia in the small town of Ellsworth, Iowa, population 499, according to the lender.
“Securing this $2.3 million loan will allow Eagle’s Catch to continue thriving despite challenges brought about by COVID-19,” Sweeney said in a statement. “We had heard that Greater Commercial Lending was one of the top resources in the nation for these types of loans. The GCL team worked with us to ensure we had the best chance of receiving this loan and protecting our business so that Eagle's Catch can continue to provide safe, fresh and sustainable seafood to American families through engaging rural communities."
A National Leader
Greater Commercial Lending has been among the leaders in the Small Business Administration’s Paycheck Protection Program and as a CARES Act loan brokerage for businesses in Nevada and beyond. GNCU and GCL reported they have closed 5,901 SBA PPP loans totaling $583 million. The numbers include more than 2,100 loans to Nevada-based companies for more than $137 million funding 17,296 jobs.
“This is an unprecedented time of need for businesses across the country,” said Jeremy Gilpin, executive vice president of GCL. “Through CARES Act programs, we can help save jobs and create new ones in rural America, by helping companies access capital during these challenging times.”