ELKO — Nevada State Rural Development Director Phil Cowee this week announced the agency will invest another $1 million to recapitalize small business lending in rural Nevada through a long-term, low interest loan to the Rural Nevada Development Corp., a nonprofit alternative lender.
“USDA Rural Development is proud to provide another $1 million in relending authority to RNDC,” said State Director Phil Cowee at a business meeting in Elko. “This makes a total of $6.75 million that USDA Rural Development has invested in RNDC’s enterprise lending since 1993. RNDC provides vital help to small rural businesses that cannot obtain conventional credit, and that is especially important now.”
Mary Kerner, Chief Executive Officer for RNDC, said she is “grateful for our partnership with USDA and are excited to be able to deploy more capital to our rural businesses.”
The $1 million Intermediary Relending Program 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.
RNDC is headquartered in Ely and most recently added an office in Elko to extend business enterprise services along the I-80 corridor in Northern Nevada.
For more information about RNDC, visit http://rndcnv.org.