Carson City, NV., Feb 28, 2013 -- USDA Business & Industry Guaranteed Loan Helps Surveyor Hit the Mark
Wallace-Morris Surveying Inc., a small surveying firm in rural Clark County, needed additional equipment. Owners Kevin Wallace and Craig Morris went to Service1st Bank of Nevada (now Bank of Nevada), and learned about USDA’s Business and Industry (B&I) Guaranteed Loan Program.
As a result of their $100,000 guaranteed loan, Wallace-Morris was able to purchase additional and innovative laser scanning survey equipment that allows them to produce 3-D scale models on computer for use by both architects and builders. As a result, they’ve hit the mark. Not only have they doubled their sales they have had to add 13 employees to keep up with the workload (effectively doubling their workforce).
“This is a great example of what our guaranteed loan program can do for a rural business,” said Business Programs Director Herb Shedd. “We look forward to helping more rural Nevada businesses make similar expansions to their business.”
Businesses and commercial lenders interested in pursuing a guaranteed loan are invited to contact USDA Rural Development in Carson City (775) 887-1222x118 or Las Vegas (702) 262-9047x103 or individuals can contact their local commercial lender for more information.
USDA Rural Development can provide a 60- 80 percent guarantee on a qualifying rural business loan made by an eligible commercial lender. This lessens the risk for the commercial lender, and provides support to rural businesses in under-capitalized areas. Nationally, the B&I Guaranteed Loan Program funding is anticipated to be $1 billion during the current fiscal year.
In recent years USDA Rural Development in Nevada has guaranteed loans for manufacturing, hotels, renewable energy systems, hospitals, convenience stores, and professional services firms such as Wallace-Morris. All federal and state chartered banks are eligible to participate in this program.
Currently, there are five Nevada-based commercial lenders participating in the B&I Guaranteed Loan Program: Meadows Bank, First Security Bank of Nevada, Nevada State Bank, Heritage Bank of Nevada, and Bank of Nevada (which acquired Service1st Bank of Nevada).
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $181 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural areas