GNCU President and CEO Wally Murray and USDA Rural Development Business Program Director Herb Shedd stand outside at Greater Nevada field holding the 2016 National Lender of the Year award.
The United States Department of Agriculture (USDA) named Greater Nevada Credit Union (GNCU) the 2016 National Lender of the Year, after the credit union obligated 17 loans worth over $120 million this past year.
The USDA’s Business and Industry Guaranteed Loan Program guaranteed all the loans.
The award was announced on Oct. 28 during the National rural Lender’s Association Conference in Washington D.C. as part of the USDA’s observance of National Cooperatives Month.
USDA Rural Development Business Program Director Herb Shedd applauded the credit union’s efforts at a press announcement on Nov. 18 at Greater Nevada Field.
“Small business continues to be the back bone of the economy,” Shedd said, after presenting the award to GNCU President and CEO Wally Murray.
“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 Multifamily Housing Guaranteed Program,” Shedd said.
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.
“We really appreciate the recognition from Rural Development,” Murray said.
Murray accepted the award on behalf of the credit union. He outlined what an honor it was to be the first credit union in the nation to have ever been the top annual producer for the Business & Industry Guaranteed Loan program. He also mentioned that it helped generate nearly twice the amount of business capital to rural America than the next closest institution.
“The partnerships we have forged have truly resulted in a win-win scenario for everyone involved,” Murray said.
Gilpin talked about his passion for helping rural communities.
“I have never had the opportunity to work with a company and team with the same vision,” Gilpin said. “I have finally gone speechless.”
This award also acknowledges a large responsibility for GNCU moving forward.
“We have to make sure we keep moving forward and programs stay alive year after year,” Giplin told NNBW after the press conference.
He explained the award also provides them the opportunity to move into more USDA programs including some in the Tahoe-Reno Industrial Center, programs in Nebraska as well as renewable energy projects.
“These cooperative organizations allow others to see they can get involved too,” Gilpin said.
Moving forward, these programs are supporting infrastructure and grants that allow opportunities to build the community from the ground up.
“We are able to get more money out the door with partners like Greater Nevada Credit Union,” Herb Shedd said after the press conference.
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 Rural Development in Nevada.
This past year was a record year, and they believe next year is on track to be another record breaking year.
