Special to The Ely Times
The Rural Nevada Development Corporation announced it has been awarded an additional $1 million direct loan from USDA Rural Development through the Intermediary Relending program.
IRP funds will be used to re-capitalize funding for RNDC’s revolving loan fund, which is available across rural Nevada. Funds are used to assist small rural Nevada businesses and Tribes that cannot obtain conventional credit.
Chief Executive Officer Mary Kerner announced the addition to the loan fund at a recent annual meeting in Ely.
“We are excited to increase our capacity to be able to help more small rural businesses, “ Kerner said. “Business owners tell us that if not for this funding, they would not be as successful. We truly value our partnership with USDA Rural Development.”
Last year, RNDC celebrated it’s 25th anniversary as a nonprofit lender. Since 1992, starting with $5.3 million in capital, RNDC has lent more than $13.7 million to 112 Nevada businesses statewide through the IRP.
From hardware stores, to cleaners, auto body shops and day care, the RNDC has made loans to all types of small rural businesses. The IRP fund has revolved out $5.1 million and leveraged another $3.2 million from other capital sources.
Funds can be used for businesses in need of expansion financing, fixed assets, purchases, working capital, and start-up businesses. The RNDC loan funds significantly address the capital gap for rural businesses and leverage bank participating in rural business loans.