Greater Commercial Lending Helped Obligate Over $250 Million in USDA B&I CARES Act Loans, Among the Most of Any Participating Lender
RENO, Nev., Feb. 3, 2022 /PRNewswire/ — 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.
The country’s first B&I CARES Act loan, which went to Eagle’s Catch, an aquaculture farm in Ellsworth, Iowa, was originated by GCL.
“About 91% of all the seafood in the United States is imported. Our goal is to help make fish one of the most water-neutral and carbon-neutral forms of animal protein. When the pandemic started, it really put us in a tight spot. But there were a lot of really great programs from the USDA as well as the CARES Act that helped us through that really difficult time. Greater Commercial Lending worked with us on a package deal that will enable us to grow over the coming years. It also helped us cover a lot of the losses we were seeing as a result of the ongoing pandemic,” said Joe Sweeney, founder and CEO of Eagle’s Catch.
“We’re really happy to have that relationship [with GCL] as they’re one of the top in the nation for their partnership with USDA on the Business and Industry Loan Guarantee program,” added Sweeney.
About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together credit unions and community lenders from around the U.S. to provide government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optic, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms.
About Greater Nevada Credit Union
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 80,000 consumers and small businesses and has over $1.5 billion in assets. GNCU’s subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage, and Greater Nevada Insurance. GNCU has been consistently recognized as a Best Financial Institution in many of its service areas, as a top employer 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/greater-commercial-lending-helped-obligate-over-250-million-in-usda-bi-cares-act-loans-among-the-most-of-any-participating-lender-301475264.html
SOURCE Greater Commercial Lending
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.