USDA Rural Development Nevada today announced a new intermediary lender with $500,000 in loan authority to provide low-interest loans to small rural business entities in Clark and Washoe Counties in Nevada.
Herb Shedd, Acting State Director for Rural Development, said USDA's loan of $500,000 to the Nevada Business Opportunity Fund will support a low-interest revolving loan fund for small rural businesses in Clark and Washoe Counties.
"The Nevada Business Opportunity Fund is USDA's second intermediary lender in the state. We are proud to have them assist with our lending operations into the remote rural areas of Clark and Washoe Counties," Shedd said at an announcement at the NV Business Opportunity Fund's Las Vegas office.
Through the program, individuals and public or private organizations unable to obtain affordable commercial credit elsewhere can apply for up to $250,000 in loans or 75% of the total cost of their proposed project.
The Nevada Business Opportunity Fund is a subsidiary of the Valley Economic Development Corporation, a non-profit small business lender and certified Community Development Financial Institution. VEDC operates community-based loan funds in seven other states as well as Nevada.
For more information on the loan program, contact Leanna Jenkins, the Executive Director of the Nevada Business Opportunity Fund at (702) 734-3555 or online at https://vedc.org/nevada .
For more information on USDA Rural Development, visit offices in Carson City, Elko, Fallon or Las Vegas, or visit on line at https://www.rd.usda.gov/nv
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