Western Nevada Development District OKs grace period on business micro-loans

CARSON CITY, Nev. — The Western Nevada Development District (WNDD) announced last week it is extending a four-month grace period to businesses that are part of its micro-loan program.

The district — which covers Carson City, Douglas, Storey, Churchill, Pershing, Mineral and Washoe counties, and their five main cities, Lovelock, Fernley, Sparks, Reno and Fallon — provides short- and long-term, fixed-rate, low-interest loans to qualified borrowers interested in the creation of new small businesses or the expansion or retention of existing small businesses.

"We have a half-dozen businesses that have been using our program," said WNDD President Roy Edgington, who's also may of the city of Fernley Mayor. "All are facing unprecedented challenges in the face of mandatory statewide business closures.

“This action is to reduce the stress and burden to make these loan payments when the flow of revenue has virtually stopped or been drastically reduced."

According to WNDD, the micro-loan program is designed to stimulate economic growth and create jobs; businesses receiving these funds are required to produce a sufficient number of net new jobs, or in the case of business retention, retain existing jobs.