The Rural Nevada Development Corporation (RNDC) has been awarded an additional $1 million Direct Loan from USDA Rural Development through the Intermediary Relending Program (IRP).
IRP funds will be used to recapitalize RNDC's revolving loan fund, which is available across rural Nevada. Funds are used to assist small rural Nevada businesses and Tribes that cannot obtain conventional credit.
Chief Executive Officer Mary Kerner announced the funding at the agency's annual meeting in Ely, Nevada, in late July, 2018. "We are excited to increase our capacity to be able to help more small rural businesses,"Kerner said. "Business owners tell us that if not for this funding, they would not be as successful. We truly value our partnership with USDA Rural Development."
Last year, RNDC celebrated its 25th anniversary as a nonprofit lender. Since its inception starting with $5.3 million in capital, RNDC has lent more than $13.7 million to 112 Nevada businesses statewide, revolving out $5.1 million and leveraging another $3.2 million from outside sources.