Cedar Rapids Bank & Trust was recognized last week by USDA as the agency's 2015 "Business Lender of the Year" during a ceremony at the bank's headquarters in Cedar Rapids.
"Cedar Rapids Bank & Trust's commitment to underserved rural communities is exactly what USDA is striving to accomplish by bolstering private credit with qualified lenders to improve the quality of life in rural America," said Vernita Dore, USDA Deputy Under Secretary of Rural Development, at today's ceremony. "Growing the economy by investing in rural communities and increasing opportunities for families and businesses is critical to our nation's future."
Helping local businesses expand, create jobs in communities
In 2015, Cedar Rapids Bank & Trust accessed $38 million through USDA's business and industry guaranteed loan program to assist seven businesses in three states. These loan funds leveraged another $45 million in public and/or private partnerships and allowed local businesses to expand, become more competitive and create and/or retain nearly 400 rural jobs in Illinois, Iowa and Missouri.
Cedar Rapids Bank & Trust was also one of just four lenders in the nation in 2015 to receive a guaranteed loan in USDA Rural Development's water and environmental programs water and disposal loan guarantee.
Since 2010, Cedar Rapids Bank & Trust has accessed more than $150 million from USDA's business and industry guaranteed loan program by assisting a total of 29 businesses in five states. Cedar Rapids Bank & Trust was also named USDA's 2012 Business Lender of the Year.
USDA Rural Development programs continue to help rural Iowa
USDA's guaranteed business loan program, administered by the Rural Development mission area, bolsters the existing private credit structure through the guaranteeing of loans for rural businesses, allowing private lenders to extend credit in rural America. USDA Rural Development's funding continues to have a dramatic impact on rural communities across Iowa. Since 2009, USDA Rural Development has invested more than $3 billion on essential public facilities, small and emerging businesses, water and sewer systems, and housing opportunities for Iowa families.
This past year USDA Rural Development's investment in Iowa helped create or retain more than 1,000 jobs, aided 2,400 families in buying their own homes and assisted more than 50 communities as they made improvements to their facilities, services and infrastructure.
Contact USDA Rural Development for information
For more information about finance programs available through USDA Rural Development, call 515-284-4663 or visit the agency's website at rd.usda.gov/ia.
USDA Rural Development has 11 offices across the state to serve the 1.7 million Iowans living in rural communities and areas. Office locations include a state office in Des Moines, along with area offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, Le Mars, Mount Pleasant, Storm Lake, Tipton and Waverly.