Resilience Fund-Sierra goal: raise $5 million to help 400 Tahoe-Truckee businesses
TRUCKEE, Calif. — The Resilience Fund–Sierra recently launched as a long-term loan platform leveraging community resources to provide small business owners within the Truckee/North Lake Tahoe region of California financial assistance, resources and guidance to weather the COVID-19 crisis and prepare for reopening.
In partnership with Sierra Business Council, the program empowers community members to help their own towns immediately. Locals and supporters of Truckee/North Lake Tahoe can invest into the fund to support economic growth. The goal of the Resilience Fund is to raise $5 million to improve 400 area businesses.
The Resilience Fund aggregates donated and invested money into a revolving fund for small businesses to access as low-interest micro loans, most ranging from $5,000 to $25,000, for use as operating capital.
Businesses put through the program also access a network of professional consultants across industries to revamp existing operations, strategize communicating changes to their stakeholders, and maximize productivity during closures.
Eligible businesses must have been in sound operation prior to the COVID shutdown and be able to prove how the funds will help them reopen.
“Small businesses make up our town’s character and they need their communities’ help, especially now that the dust has settled from insufficient federal loan disbursements,” said Kristin York, vice president of business innovation at Sierra Business Council’s Sierra Small Business Development Center. “The Resilience Fund provides much needed capital to pay for rent, employees, replace inventory, help transition to alternative service delivery models, and make strategic improvements during temporary shutdowns.”
On the other side of the pandemic, funds will continue to be invested into the revolving loan, so small business owners can access micro loans to help with startup costs, finance capital improvement projects, improve their business model, increase their reach, and more.
“The vision for the Resilience Fund is to create a permanent relief structure for small business owners to handle future challenges, things like wildfire, flood, recessions, and events that impact the economy,” said Steve Frisch, Sierra Business Council president. “It’s unsure at this time what future operations will look like, but with the Resilience Fund in place community members can impact their own economic success by investing and creating the foundation for long-term growth.”
There are many ways to invest into the community: through monetary donations made on the Resilience Fund website as charitable contributions, from accredited investors lending directly to the fund, and by devoting time and resources to coaching fellow area entrepreneurs for the betterment of our region.
To learn more about the Resilience Fund–Sierra, apply for assistance from the platform, or apply to become a business coach at visitResilienceFund.org.
This article was submitted to the Sierra Sun and originally published May 1. It is republished here with permission.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.