Loan program for Truckee small businesses established
June 7, 2016
TRUCKEE, Calif. — The town of Truckee, in partnership with the Sierra Business Council, is introducing a program through the Community Development Block Grant (CDBG) that is expected to provide affordable and flexible financing and technical assistance workshops to eligible residents and businesses of Truckee.
Federal CDBG programs are designed to stimulate economic growth and improve the living conditions of residents in the community.
"Small businesses are the backbone of our mountain community, and we are excited to offer this program as a tool for Truckee businesses to start up or expand," said Alex Terrazas, Assistant Town Manager for the Town of Truckee. "Eligible businesses will be provided with the technical assistance, capital infusion, and in-depth counseling to see their businesses thrive."
The program offers two types of loans to eligible businesses. For income eligible new or existing micro-enterprises (five or fewer employees including the owner), the program offers low-cost, flexible term financing.
Loans are also available for established, larger businesses looking to expand and create jobs in Truckee. Typical loan amounts will range from $10,000 to $50,000, and the max is $100,000.
"We work with so many businesses who struggle to find financing. The capital infusion these loans provide can have a huge impact on our community," said Kristin York, Director of Business Innovation at the Sierra Business Council. "We look forward to helping the small businesses and cultivating innovative growth in Truckee through this program."
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Accompanying the loan program is a no-cost workshop series providing participants with critical information to help their business grow and thrive.
Topics include a wide range of technical assistance areas including writing a business plan, managing business finances, branding and marketing, and access to capital.
While the loan program does have eligibility guidelines, the workshop series is open to all community members.
In addition to the workshop series, participants will be encouraged to take advantage of free and confidential one-on-one business consulting through the Sierra SBDC.
Space is limited at the workshop series, and pre-registration is required. To enroll in the workshop series or to learn more about the loan program and its eligibility requirements, contact Jessica Carr, Program Manager at the Sierra SBDC, at 530-582-5022 or firstname.lastname@example.org.
Funding for these programs is provided by the U.S. Department of Housing and Urban Development — to the California Department of Housing and Community Development and the town of Truckee.
This article was provided by the Sierra Business Council and Sierra Small Business Development Center. Visit sierrabusiness.org or sierrasbdc.com to learn more.