CARSON CITY, Nev.–Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), has been recognized by the United States Department of Agriculture (USDA) as one of its 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.
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."