USDA-Guaranteed Loan Will Help Bolster Local Community and Promote Renewable Energy Systems
Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed $25 million in financing for Lisbon Valley Mining Co., which mines copper within La Sal, in Utah’s Lisbon Valley, an extensive mineral district for copper and other resources.
The financing, backed by the U.S. Department of Agriculture (USDA) through the Business & Industry Loan Program, represents an important step in both revitalizing the region’s economy and empowering Lisbon Valley Mining Co., a key employer in the rural community. The loan will be used to strengthen copper mine production by allocating funds towards working capital and procurement of heavy equipment, as well as refinancing existing debt.
The government-guaranteed loan will also help contribute to the success of the U.S. renewable energy sector. Copper, a vital metal for various electrical systems, plays a pivotal role in the U.S. economy’s transition to green, renewable energy, including solar and wind power, as well as electric vehicles.
“We are pleased to support Lisbon Valley Mining Co. in their mission to expand and enhance copper mining operations,” said Jeremy Gilpin, President of GCL. “This financing signifies our commitment to fostering economic growth in under-served communities while contributing to essential industries crucial for a sustainable future.”
“This government-guaranteed funding, thanks to GCL, marks a significant moment for our company and the local community,” said George Shaw, CEO at Lisbon Valley Mining Co. “It enables us to not only reinvigorate our operations but also contribute to the essential supply of copper, a critical component in advancing sustainable energy solutions. With copper production indicating a future shortage, the continued mining of this resource from all available sources is paramount to the success of the U.S. economy’s transition to new sources of renewable energy.”
The financing structure includes participation by Community Bank & Trust – West Georgia. The project is expected to generate approximately 90 new job opportunities, along with the preservation of 101 existing jobs.
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