Carson Valley mulch firm receives federally guaranteed loan
A federally guaranteed loan will keep a Carson Valley composter in business, and may allow the company to expand.
“If it wasn’t for the USDA Loan Program…, Great Basin Organics would not be in business today,” owner Dink Getty said on Tuesday.
Getty’s company received a $671,000 loan from Heritage Bank guaranteed by the U.S. Department of Agriculture Rural Development to support the production of high quality compost from local materials.
He will use the money to refinance two loans with pending balloon payments to stabilize the cost of development capital.
Getty said that he learned about the loan program from Heritage Bank of Nevada Executive Vice President Tom Traficanti while attending a green energy conference.
Co-borrower Genoa Trees and Landscape supplies large trees and an assortment of plants to Northern Nevada. The loan will retain seven jobs.
“Heritage Bank is extremely proud to support the expansion of a local small business, Genoa Trees and Landscapes and its subsidiary business, Great Basin Organics,” Traficanti said. “With the assistance of loan guarantees from the USDA via its Business and Industry Loan Guarantee Program, Heritage Bank has been able to provide the financing Dink needed to achieve his next level of growth, creating economic benefits for everyone in our local community.”
The funding was announced by USDA Rural Development Deputy Under Secretary Patrice Kunesh at an event at Great Basin Organics on Tuesday.
“The creativity of rural Americans is absolutely one of the strengths of our nation as I have seen demonstrated here today at Great Basin Organics,” said Kunesh. “Combining farm and food waste with biomass reuses natural resources and creates jobs all at the same time. USDA’s ability to partner with lenders and business owners to build the bioeconomy is a top priority and a great source of pride for us.”
Getty led a tour of his operations at the event. He accepts donations of wood chips and manure from horse operations, and also uses residual coffee from a local roasting company to create high-grade compost. He is expecting to expand operations in the near future, and is interested in creating compost that uses bio-char.