GCL lead lender for two new renewable diesel production facilities in Nevada
Loan is the largest to fund for USDA Program
RENO, NV (September 14, 2018) — Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), is the loan originator to Ryze Renewables’ construction of two new eco-friendly biorefinery facilities being built in Nevada. Construction of the plants will create more than 500 construction jobs, and once completed will add 140 permanent full-time positions in Nevada.
For Ryze Renewables’ southern Nevada facility, GCL has underwritten a $198 million loan, the largest to fund in the history of the USDA 9003 Biorefinery, Renewable Chemical and Biobased Product Manufacturing Assistance Program. GCL’s lending partners on that facility are a consortium of credit unions along with some of the largest fixed asset management groups in the world.
This is the second loan GCL has underwritten and obligated to Ryze Renewables. In December 2017, in partnership with Jefferson Federal Financial Credit Union, Metlife, and Farmer Mac Funds, the consortium provided a $112 million loan for the construction of the northern Nevada facility, currently scheduled to open in Storey County the second quarter of 2019. The southern Nevada plant is scheduled to come online in early 2020.
“Greater Nevada Credit Union is honored to serve as the financial partner for these two dynamic production facilities,” said Jeremy Gilpin, Greater Commercial Lending Executive Vice President. “Creating jobs and boosting the economy not only here in Nevada, but across the United States is of utmost importance to keeping rural America vibrant and strong.”
GCL underwrites and assists with USDA loans for 20 credit unions, 10 community banks, four insurance companies, and several capital groups. For more information visit greatercommerciallending.com. For more information about Ryze Renewables visit ryzerenewables.com.
Jeremy Gilpin, Executive Vice President of Greater Commercial Lending
Ryze Renewables Eco-Friendly Renewable Diesel Facility in Las Vegas
Ryze Renewables Eco-Friendly Renewable Diesel Facility in Storey County
About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit union service organization (CUSO) established in 2017 and based in Reno, Nevada. GCL provides commercial lending services to entities across the nation and is a wholly owned subsidiary of Greater Nevada Credit Union (GNCU), and a USDA National Lender of the Year. For more information visit greatercommerciallending.com.