USDA says Cedar Rapids bank top lender

A Cedar Rapids bank on Monday was recognized by the U.S. Department of Agriculture for its lending activity in support of businesses in Iowa, Illinois and Missouri.

Cedar Rapids Bank & Trust was named 2015 Business Lender of the Year after it accessed $38 million through USDA's business and industry guaranteed loan program to assist seven businesses. The loans leveraged another $45 million in public and/or private partnerships and allowed local businesses to expand and create and/or retain nearly 400 rural jobs.

'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, in a news release.

'Growing the economy by investing in rural communities and increasing opportunities for families and businesses is critical to our nation's future.”

Larry Helling, president and CEO of Cedar Rapids Bank & Trust, said the bank appreciates the USDA recognition.

'It's a great honor for us. Our folks have worked really hard to get to this achievement,” Helling said. 'We've found this USDA program to really be a great tool for us to develop meaningful programs for the underserved rural areas in our region.”

Cedar Rapids Bank & Trust also was one of 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. The bank previously was named USDA's 2012 Business Lender of the Year.

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 in Iowa.