Small Business Lending
The Rural Nevada Development Corporation (RNDC) is a non-profit development corporation formed in January of 1992 to serve the fifteen counties of Rural Nevada as well as the rural portions of Clark and Washoe Counties and the twenty-seven Native American Indian Tribes of Nevada. RNDC is headquartered in Ely, Nevada.
RNDC was formed as a response to a need identified for specialized development services, which could be effectively provided by a non-profit development corporation, which could access federal and state funds for economic development for the targeted service areas.
RNDC has established significant loan capital, which it lends to small businesses in need of expansion or start-up financing in the target areas mentioned above. RNDC has obtained nearly 11 million by various funding sources such as USDA- Rural Development, The Economic Development Administration, Charles Schwab Bank, Nevada State Bank, Wells Fargo, the Small Business Administration and RNDC funds as well. The Board of Directors has targeted the use of the funds for businesses in need of expansion financing, fixed assets, purchases, working capital, and start-up businesses. The RNDC loan funds significantly address the capital gap for rural businesses, and leverage bank participation in rural business loans.
Small Business Lending Contacts
- The minimum size of any loan is $500 and the maximum is $250,000.
- Fixed Rate Interest
- Longer Terms
- Flexibility in collateral requirements
Rate: Interest rates to be charged will range from 6% to 12%.
Term: The maximum term for a fixed asset loan is 20 years. Working capital term is for 3 years, however, may be lengthened pending approval for permanent working capital needs.
Owner’s Equity Injections: A minimum of 8% of the project cost should be injected by the business. Equity injections can be cash, inventory or real estate for new construction projects.
- Loan packaging fees: 2% of loan amount with a $100.00 non-refundable fee upon application submission, however this amount will be applied to the total 2% fee if the loan is approved.
- Attorney fees: Actual costs as necessary
- Collection fees: $25 or 5% of payment (whichever is greater)/li>
USDA Non-Discrimination Statement
This institution is an equal opportunity provider and employer.
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at firstname.lastname@example.org.