CARSON CITY, Nev., Dec. 21, 2020 /PRNewswire/ -- Greater
Commercial Lending (GCL), a wholly-owned subsidiary of Greater
Nevada Credit Union (GNCU), was recently recognized by the United
States Department of Agriculture (USDA) as one of USDA 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.
Greater Commercial Lending (GCL) is one of USDA Rural Development's
2020 top commercial lending partners for 2020.
USDA Commercial Lending Program
Bette Brand, USDA under secretary for rural
development, announced that USDA partnered with 181 commercial
lenders to invest $2.1 billion in
rural communities and businesses in fiscal year (FY) 2020. GCL
partnered with USDA to obligate $295
million in rural communities during FY 2020. These
investments helped 19 rural businesses acquire essential working
capital through USDA's Business and Industry (B&I) Loan
Guarantee Program.
Nevada Rural Development State Director Philip Cowee said USDA's lending partners play a
critical role in making sure that rural economies stay strong and
have financial resources in these difficult times.
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."
Some of the rural businesses that GCL has assisted include
Appalachian Wildlife Center, Spring
Born, Inc., Penn Greenhouse, LLC and Four Peaks Energy.
For more information about commercial loans and the USDA loan
programs, visit greatercommerciallending.com.
About Greater Commercial Lending
Greater Commercial
Lending (GCL) builds long-lasting business partnerships that help
communities thrive. GCL provides commercial lending services to
diverse entities across the U.S. GCL is a credit union service
organization (CUSO) established in 2017 operating as a wholly-owned
subsidiary of Greater Nevada Credit Union (GNCU), based in
Carson City, Nev. The USDA
identified GCL as the number one Business & Industry lender in
2020. GCL is consistently ranked among the top producers for both
USDA and SBA guaranteed loan programs. For more information, call
(833) 519-9474 or visit greatercommerciallending.com.
Contact:
Chrisie Yabu
chrisie@kps3.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/usda-recognizes-greater-commercial-lending-as-1-business-and-industry-lender-in-top-commercial-lender-rankings-301196369.html
SOURCE Greater Commercial Lending