Financial Deal Keeps Local Manufacturer in Northern Nevada - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Financial Deal Keeps Local Manufacturer in Northern Nevada

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USDA Rural Development and Heritage Bank of Nevada announced Tuesday, they've teamed up to provide a loan, so a local manufacturer that was looking at leaving northern Nevada stays put.

About 170 local jobs that were in jeopardy of being lost, now they aren't going anywhere.

Dynamic Isolation Systems is the world leader in earthquake protection. They make technology for earthquake preparedness.

DIS was looking at leaving our area because of some financial issues with the building they were leasing.

The owners of the building that lease space to DIS was talking about selling the property because their lender wanted them to pay a lot of money to cover the decline in the building's appraised value.

If the owner had walked away from the building, DIS would have been forced to move and most likely out of the area.

This is where Heritage Bank of Nevada and the USDA Rural Development came in.

"What we were able to do is work with Heritage, provide a guarantee to their loan, so that this building, even though we're coming out of a recession, where all property in Nevada had lost its value, we were able to provide long-term financing," said Sarah Adler, state director of USDA Rural Development.

The President of Dynamic Isolation Systems, Konrad Erikson says thanks to this new deal, they plan on staying in Reno for a long time.

"We like living here. We have tripled our business in the past year and added about 40 jobs the past six months."

Written by Chris Ciarlo

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