North Avenue Capital Provides More than $130 Million in USDA Loans to Help Revitalize Rural America in 2020
Within the past year, the United States Department of Agriculture (USDA) invested a record $40 billion in rural communities. With considerable investments made to help bolster local economies in rural America, North Avenue Capital (NAC), a specialized commercial lender, was instrumental in providing over $130 million in USDA-backed loans to their clients across the United States.
Recently named the No. 1 USDA Business and Industry lender in the Top Commercial Lender Rankings for 2020, NAC has made significant strides in its commitment to build businesses, grow communities, and strengthen economies, regardless of the challenges created by the global pandemic.
NAC’s effort to provide financing to rural businesses through the USDA Business & Industry Loan Program surpassed all other commercial lenders in the country during the 2020 fiscal year. By investing their time, energy, and capital in these communities, NAC was able to equip over 20 businesses with affordable capital and create or save nearly 550 jobs for rural Americans. Some of the businesses served in 2020 include Ranger Scientific (WV), Three Horse Ranch Vineyard (ID), Planet Swim (FL), Big Water Marina (SC), and G&G Lumber (NC).
Additionally, NAC led efforts in concert with several major farm credit institutions to provide PPP loans to nearly 1,000 small farmers throughout the country, bringing NAC’s capital impact to more than $150 million in rural America.
“USDA Business & Industry loans served as an important lifeline for hundreds of businesses across our nation and have saved thousands of jobs during this pandemic. NAC is proud to have led the way in this program in 2021 and grateful for the opportunity to use this public – private partnership to bring jobs to some of the areas of our nation that need them most.” Ben Chatraw – Chief Executive Officer
NAC’s work and investment has and will continue to increase economic opportunities and improve quality of life for rural residents across the country and U.S. territories.