Over the past year and a half, Greater Nevada Credit Union, the area’s largest locally-based credit union, has seen more than 115 percent growth in its business lending portfolio. One of the credit union’s newest products, construction loans, is taking off just as rapidly, thanks to local businesses who want to expand.
Vice President of Business Services, Jeremy Gilpin, says his team is filling a gap for small to medium size businesses who need money to build and expand. “Many of these loans are too small for the bigger banks and often get referred to us, especially since other financial institutions in our area aren’t necessarily equipped to deal with construction loans. We have not only the expertise for taking care of these loans, we also have the flexibility to look at different options and ultimately find a solution that works best for each business owner.”
A recent example is L.A. Bakery in Carson City, which, thanks to a construction loan from Greater Nevada, was able to expand its business to provide better dine-in and take-out options, while also increasing its wholesale distribution.
Gilpin says though Greater Nevada has offered business services for decades, it wasn’t until last year a focus was on significantly expanding the department and its offerings. Collectively, his staff offers business owners more than a hundred years of experience, as well as a competitive suite of deposit and loan products. For example, the credit union currently offers three different business checking products, as well as a wide variety of business loans (including SBA and agricultural loans), business credit cards and merchant services.
“Up until last year, northern Nevadans haven’t thought of Greater Nevada Credit Union for business banking and loans,” says Gilpin. “By having the services and products that are in demand, as well as the expertise and flexibility to customize each solution, we’re able to help a lot of local businesses get to the next level.”
For more information, visit gncu.org.