Carson City, NV, Sep 12, 2013 -- USDA Provides $30,000 for NCREDA Small Business Revolving Loan Fund
(CARSON CITY, NEVADA—Sept. 12, 2013) USDA Rural Development Nevada recently announced it has granted Nye County Regional Economic Development Authority (NCREDA) $30,000 to develop a revolving loan fund for small and emerging private business in Nye County, NV. NCREDA matched the Rural Business Enterprise Grant with $21,900 of in-kind contribution.
Small businesses in Nye County that are developing a business enterprise are eligible to apply for the funds. Revolving loan funds are loaned out to eligible small businesses, paid back, and then cycled back out to other new businesses in the future, extending regional opportunity for business development. Amy Fanning, acting Revolving Loan Fund Manager with the NCREDA, says it will offer loans up to $5,000 to small businesses in Nye County whose owners cannot obtain regular commercial credit due to the small size and/or the lack of a proven track record of their business. To be eligible, the business must be located in Nye County, create or retain at least one job and demonstrate credit worthiness and the ability to repay the loan.
To apply for the revolving loan fund, contact Amy Fanning at NCREDA for more information at (775) 751-7091 or visit www.doingbusinessinnye.net to download an application.
“The RBEG revolving loan funds provide a ladder of opportunity in these areas that can help small businesses to succeed,” said USDA RD Business Programs Director Herb Shedd. “We have seen success in Lincoln County with a similar program, which continues to fund ongoing business enterprise there.”
Pamela Webster, who is currently President of NCREDA, and also serves as the Nye County Manager, says the funds will be welcomed by small businesses in the region.
“We know many small businesses are struggling, and this revolving loan fund offers them a chance to bridge a gap, build a bit of inventory, or invest in systems to be more efficient,” Webster said. “These projects will to result in jobs, and that’s a win-win for the business, the community, and the Nye County tax base. The program is extremely beneficial to NCREDA because of the potential to extend loans beyond the life of the grant.”
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.