Providing loans to local firms that banks deemed too small todeal with has helped Greater Nevada Credit Union grow its business lending portfolioby 115% over the past year and a half.

The $500 million credit union in Carson City, Nev., said it has$23 million in business loans outstanding.

Jeremy Gilpin, GNCU vice president of business services, saidhis team is filling a gap for small to medium-sized businesses thatneed money to build and grow.

One of the credit union's newest products, construction loansdebuted in January and is taking off just as rapidly thanks tolocal businesses that want to expand, he added. So far, GNCU said ithas nearly $2 million of them on the books with another $2 millionin the pipeline.

“Many of these loans are too small for the bigger banks andoften get referred to us, especially since other financialinstitutions in our area aren't necessarily equipped to deal withconstruction loans,” Gilpin said.

L.A. Bakery in Carson City received a construction loan fromGNCU to expand its business to provide better dine-in and take-outoptions, while also increasing its wholesale distribution,according to the credit union.

Gilpin said like many businesses in northern Nevada, an area hithard by the recent recession, the bakery was ready to grow, thoughfunding options remained limited, especially through largerfinancial institutions.

“Up until last year, northern Nevadans haven't thought ofGreater Nevada Credit Union for business banking and loans,” Gilpinnoted. “By having the services and products that are in demand, aswell as the expertise and flexibility to customize each solution,we're able to help a lot of local businesses get to the nextlevel.”

Gilpin said that though GNCU has offered business services fordecades and business loans since 2003, the credit union has becomemore active in the latter over the past two years. In 2013, therewas a strategic focus on significantly expanding the department andits offerings.

Collectively, his team offers business owners more than 100years of experience, as well as a suite of deposit and loanproducts, Gilpin said.

The credit union currently offers three different businesschecking products, as well as a variety of business loans,including SBA and agricultural loans, business credit cards andmerchant services.