USDA Names Greater Nevada Credit Union 2016 National Lender Of The Year
Courtesy of USDA · 3 min read
RENO, Nev. — USDA has named Greater Nevada Credit Union (GNCU) the 2016 National Lender of the Year, after the credit union obligated 17 loans worth over $120 million, all guaranteed by USDA’s Business and Industry Guaranteed Loan Program.
The award was announced Oct. 28 during the National Rural Lender’s Association Conference in Washington, D.C. as part of USDA’s observance of National Cooperatives Month.
USDA Rural Development Business Programs Director Herb Shedd applauded the credit union’s efforts at a press announcement Nov. 18 at Greater Nevada Field.
“Greater Nevada has a comprehensive lending portfolio around USDA programs. Not only have they obligated loan guarantees for 17 rural businesses in seven states this year, they are now participating in the Biorefinery Assistance program and the Multi-Family Housing Guaranteed Program. Greater Nevada has a passion to help their credit union members and America’s rural communities to succeed. That is exciting to see, especially when you consider the economic impacts in these many communities,” Shedd said.
The announcement was made Friday at the 250 Lounge at Greater Nevada Field. Greater Nevada Credit Union is the title sponsor of Greater Nevada Field in Reno, Nevada, home to the Reno Aces baseball club and new Reno 1868 football club.
During the announcement, Shedd honored GNCU President and CEO Wally Murray, Vice President of Business Services Jeremy Gilpin, and the GNCU commercial lending team for their outstanding performance.
In Nevada, $11.2 million in loans were guaranteed by USDA over the past three years, with six rural businesses including a Mound House clutch manufacturer, the Elko Ledgestone extended stay hotel, the Comfort Inn in Fallon, and the Ruby 360 Lodge in Lamoille benefitting from Greater Nevada Credit Union loans guaranteed by USDA RD Nevada.
By working with a network of credit union partners around the country, GNCU and USDA also made guaranteed loans to rural businesses in Colorado, Florida, Louisiana, Montana, South Dakota, and Virginia.
This goal of USDA’s Business and Industry Guaranteed Loan program is to bolster the existing private credit structure through the guaranteeing of loans for rural businesses, allowing private lenders to extend more credit than typically possible. Lenders with legal authority, sufficient experience, and financial strength to operate a successful lending program like federal or state chartered banks, savings and loans, farm credit banks and credit unions are eligible to apply.
Greater Nevada Credit Union was established in 1949 and is headquartered in Carson City, Nevada. The credit union serves more than 53,000 consumers and small businesses, and has more than $650 million in assets. Greater Nevada has been consistently recognized as both Best Financial Institution in many of its service areas and as a top employer by the Reno/Tahoe Best Places to Work Awards. For more information, visit gncu.org.
USDA, through its Rural Development mission area, has an active portfolio of more than $215 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.