Nevada Gold Mines invests $5 million into ‘I-80 Fund’ for rural businesses
ELKO, Nev. — Nevada Gold Mines on July 6 announced the launch of its new local investment initiative, the “I-80 Fund,” to provide loans to eligible small businesses along the Nevada I-80 corridor — Elko, Lander, Humboldt and Eureka counties — that have been affected by the economic impacts of COVID-19.
NGM provided an initial investment of $5 million to the fund, according to a July 6 press release.
“The ‘I-80 Fund’ will provide a means to help strengthen our local economy following the devastating impact of COVID-19,” Greg Walker, NGM executive managing director, said in a statement. “Nevada Gold Mines is proud to be a community partner and we, as local residents ourselves, want to see our communities and the State of Nevada not only recover from these challenging times, but come out of this crisis stronger than before. I encourage our industry partners to join us in this endeavor by contributing to the fund.”
The fund will be managed by the nonprofit Rural Nevada Development Corporation (RNDC), which has provided lending and other services to rural Nevada businesses since 1992.
“RNDC is excited to have the opportunity to partner with NGM to provide such amazing support to the businesses of these communities in these unprecedented times,” Mary Kerner, RNDC CEO, said in a statement. “The growth and prosperity of rural Nevada has always been our primary goal, so the devastation to our business community in the wake of this pandemic has been difficult to see. This fund will be instrumental in helping businesses rebound.”
According to the press release, phase one of the “I-80 Fund” will focus on disaster relief and recovery loans for small businesses, ranging from $5,000 to $100,000 with a 2% interest rate. To qualify, businesses must have been in operation prior to Jan. 1, 2020.
Phase two of the program will provide loans to develop and grow small businesses in the region, thereby driving economic growth in Northern Nevada.
For more information, contact RNDC at rndcnv.org or 775-289-8519.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.