USDA Rural Development Nevada State Director Phil Cowee congratulates the Rural Nevada Development Corporation after the nonprofit was approved for another $1 million in loan authority to re-lend to small rural businesses across Nevada. From left: RNDC Loan Officer Michelle Beecher, Cowee, RNDC Chief Executive Officer Mary Kerner, RNDC Board Chairman Jerry Martin, and Rural Development Nevada Business Program Director Chandler Allen.
CARSON CITY, Nev. — Phil Cowee, director of the USDA Rural Development’s Nevada branch, announced Sept. 15 the agency will invest another $1 million for small business lending in rural Nevada through a long-term, low interest loan to the Rural Nevada Development Corporation.
This brings the total USDA Rural Development has invested in the nonprofit RNDC to $6.75 million since its inception in 1993.
In a Sept. 15 statement, Mary Kerner, CEO of the RNDC said she is, “grateful for our partnership with USDA and are excited to be able to deploy more capital to our rural businesses.”
According to USDA, the $1 million Intermediary Relending Program loan is for 30 years at a 1% interest rate and will be used to “recapitalize RNDC’s loan authority.”
RNDC is USDA’s only intermediary lender in Nevada and serves 14 rural counties and 27 Native American Tribes. It’s headquartered in Ely and most recently added an office in Elko to extend business enterprise services along the I-80 corridor in Northern Nevada.
Visit rndcnv.org to learn more.