Headquarters
1320 East Aultman
Ely, Nevada 89301
rndcnv@sbcglobal.net
Office: (775) 289-8519
Fax: (775) 289-8214
Toll Free: 866-404-5204
Housing Dept. Fax:
(775) 289-3690
Western Region Office
704 W. Nye Lane, Ste. 201
Carson City, Nevada 89703
audrey@rndcnv.org
Office: (775) 883-4413
Fax: (775) 883-0494
Pahrump Office
1301 S. Highway 160
NSB Building, Second Floor
Pahrump, Nevada 89041
alparker@rndcnv.org
Office: (775) 751-1947
Fax: (775) 751-1933
1320 East Aultman
Ely, Nevada 89301
rndcnv@sbcglobal.net
Office: (775) 289-8519
Fax: (775) 289-8214
Toll Free: 866-404-5204
Housing Dept. Fax:
(775) 289-3690
Western Region Office
704 W. Nye Lane, Ste. 201
Carson City, Nevada 89703
audrey@rndcnv.org
Office: (775) 883-4413
Fax: (775) 883-0494
Pahrump Office
1301 S. Highway 160
NSB Building, Second Floor
Pahrump, Nevada 89041
alparker@rndcnv.org
Office: (775) 751-1947
Fax: (775) 751-1933
| SMALL BUSINESS LENDING |
| Rural Nevada Development Corporation |
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 Indian Tribes of
Nevada. RNDC is headquartered in Ely, Nevada.
Formation 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.
Business Lending RNDC has established significant loan capital, which it lend to small businesses in need of expansion or start-
up financing in the target areas mentioned above. RNDC has obtained over $5.6 million by various funding sources such as USDA-
Rural Development, The Economic Development Administration, Charles Schwab Bank, Nevada State Bank, 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 in cities with a population of 25,000 or less. The RNDC loan funds significantly
address the capital gap for rural businesses, and leverage bank participation in rural business loans. RNDC works closely with the
Nevada Commission on Economic Development and the Nevada Small Business Development Center.
EQUAL OPPORTUNITY AND NON DISCRIMINATION: In accordance with title V of Pub. 93-495, the Equal Credit Opportunity Act, and section 504 of the
Rehabilitation Act for Federally Conducted Programs and Activities, neither the intermediary nor the Agency will discriminate against any employee,
proposed intermediary or proposed ultimate recipient on the basis of sex, marital status, race, color, religion, national origin, age, physical or mental
disability (provided the proposed intermediary or proposed ultimate recipient has the capacity to contract), because all or part of the proposed intermediary’
s or proposed ultimate recipient’s income is derived from public assistance of any kind, or because the proposed ultimate recipient has in good faith
exercised any right under the Consumer Credit Protection Act, with respect to any aspect of a credit transaction anytime Agency loan funds are involved.
Financing Policies
Collateral
Term: The maximum term for a fixed asset loan is 25 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. However, the USDA IRP Program can finance only 75% of any project.
Loan Fees
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
UCC filing fees as outlined by the Secretary of State
Collection fees: $25 or 5% of payment (whichever is greater)
fifteen counties of Rural Nevada as well as the rural portions of Clark and Washoe Counties and the twenty-seven Indian Tribes of
Nevada. RNDC is headquartered in Ely, Nevada.
Formation 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.
Business Lending RNDC has established significant loan capital, which it lend to small businesses in need of expansion or start-
up financing in the target areas mentioned above. RNDC has obtained over $5.6 million by various funding sources such as USDA-
Rural Development, The Economic Development Administration, Charles Schwab Bank, Nevada State Bank, 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 in cities with a population of 25,000 or less. The RNDC loan funds significantly
address the capital gap for rural businesses, and leverage bank participation in rural business loans. RNDC works closely with the
Nevada Commission on Economic Development and the Nevada Small Business Development Center.
EQUAL OPPORTUNITY AND NON DISCRIMINATION: In accordance with title V of Pub. 93-495, the Equal Credit Opportunity Act, and section 504 of the
Rehabilitation Act for Federally Conducted Programs and Activities, neither the intermediary nor the Agency will discriminate against any employee,
proposed intermediary or proposed ultimate recipient on the basis of sex, marital status, race, color, religion, national origin, age, physical or mental
disability (provided the proposed intermediary or proposed ultimate recipient has the capacity to contract), because all or part of the proposed intermediary’
s or proposed ultimate recipient’s income is derived from public assistance of any kind, or because the proposed ultimate recipient has in good faith
exercised any right under the Consumer Credit Protection Act, with respect to any aspect of a credit transaction anytime Agency loan funds are involved.
Financing Policies
- The minimum size of any loan is $5,000 and the maximum is $150,000.
- Fixed Rate Interest
- Longer Terms
- Flexibility in collateral requirements and taking a subordinated position on collateral with Nevada banks.
Collateral
- a) Real estate will be secured by a Deed of Trust.
b) Machinery & equipment will be secured by security liens.
c) Working capital will be secured by inventory & receivables.
d) Personal guarantees will be required on all loans.
e) Hazard insurance on all real property will be mandatory with
RNDC named as beneficiary.
f) Life insurance may be required which may be decreasing term
insurance for the principals & key employees.
Term: The maximum term for a fixed asset loan is 25 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. However, the USDA IRP Program can finance only 75% of any project.
Loan Fees
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
UCC filing fees as outlined by the Secretary of State
Collection fees: $25 or 5% of payment (whichever is greater)
| Mary Kerner, Lending Administrator Raeghan Cooper, Executive Assistant Loan Application |
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