Home Business USDA Rural Development invests $1 Million to re-capitalize Nevada business lender

USDA Rural Development invests $1 Million to re-capitalize Nevada business lender

by Nevada State News

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.

Related Stories

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

Privacy & Cookies Policy
%d bloggers like this: