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.
