CARSON CITY, Nev.--(BUSINESS WIRE)--The first USDA Business and Industry CARES Act loan, intended to protect America’s small farms and businesses amidst the COVID-19 pandemic, went to an aquaculture farm in Iowa and was brokered by Carson City-based Greater Commercial Lending (GCL). These CARES Act loans provide working capital to help rural businesses prevent, prepare for or respond to the effects of the coronavirus pandemic.
Joe Sweeney, owner and operator of Eagle’s Catch, and his team raise high-quality tilapia in the small town of Ellsworth, Iowa – population 499. Joe and many other of America’s small-town farmers are a cornerstone to the nation’s economy and food systems, but they certainly weren’t immune to challenges brought on by the pandemic. The collapse of America’s small farms could lead to food insecurity for many Americans, making it crucial to protect these businesses financially.
“Securing this $2.3 million loan will allow Eagle’s Catch to continue thriving despite challenges brought about by COVID-19,” Sweeney said. “We had heard that Greater Commercial Lending was one of the top resources in the nation for these types of loans. The GCL team worked with us to ensure we had the best chance of receiving this loan and protecting our business so that Eagle's Catch can continue to provide safe, fresh and sustainable seafood to American families through engaging rural communities."
"Eagle's Catch is a perfect example of how Iowans are working with stakeholders nationwide to spur great opportunities for investment, job creation and agricultural diversification in our state,” said Mike Naig, Iowa secretary of agriculture. “Joe and his Eagle's Catch team are going to make waves by reducing U.S. dependency on Chinese seafood and growing a new sustainable protein right here in Iowa."
Greater Commercial Lending, a subsidiary of Greater Nevada Credit Union (GNCU), are leaders in the Small Business Administration Paycheck Protection Program (SBA PPP) and CARES Act loan brokerage for businesses in Nevada and beyond. GNCU and GCL closed 5,901 SBA PPP loans totaling $583 million. That included over 2,100 loans to Nevada-based companies for more than $137 million funding 17,296 jobs.
“This is an unprecedented time of need for businesses across the country,” said Jeremy Gilpin, executive vice president of GCL. “Through CARES Act programs, we can help save jobs and create new ones in rural America, by helping companies access capital during these challenging times.”
To learn more, visit www.gncu.org/Greater-Commercial-Lending.
About Greater Nevada Credit Union:
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nev., and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 75,000 consumers and small businesses, has over $1 billion in assets, and is the largest community-owned financial institution domiciled in Nevada. GNCU’s subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage and Greater Nevada Insurance. GNCU has been consistently recognized as a Best Financial Institution in many of its service areas, a top employer by the Reno/Tahoe Best Places to Work Awards, and is a three-time USDA National Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.