ELKO – Investment in small business continues in rural Nevada, now with a $1 million long-term, low-interest loan from the Nevada State Rural Development office to the Rural Nevada Development Corporation (RNDC), a nonprofit alternative lender.
Rural Development State Director Phil Cowee said the $1 million in relending authority brings the USDA Rural Development’s investment in RNDC’s enterprise lending to $6.75 million since 1993.
The funding helps small rural businesses that are unable to secure conventional credit.
The $1 million Intermediary Relending Program (IRP) loan is for 30 years at a 1% interest rate and will be used to re-capitalize RNDC’s loan authority. RNDC is USDA’s only intermediary lender in Nevada and serves 14 rural counties and 27 Native American Tribes. It is headquartered in Ely and has an office in Elko.