Nevada County lands $300,000 grant for new jobs
NEVADA COUNTY “-The loss of jobs in construction and real estate helped Nevada County land a state grant to create new jobs.
Business people in unincorporated areas of the county who want to expand can apply for low interest loans through a program recently strengthened by the $300,000 grant.
Here’s the catch: Business owners must create one full-time job for every $35,000 borrowed. Of those jobs created, 51 percent of the net new positions must be filled by people from low-income households.
“We’re going to put local people to work,” said Program Manager Kyle Thompson of the county’s Housing and Economic Development Division.
Nevada County was one of three counties statewide to receive the Community Development Block Grant on a competitive basis, Thompson said.
“We’ve lost a lot of jobs,” Thompson said. In recent years, jobs related to real estate and construction have witnessed dramatic losses.
“Like a lot of counties, we’re feeling the impacts of the decline of a national economy,” Thompson said.
It is the second year in a row Nevada County has received the grant. Also, Nevada City was among 10 cities in California to be awarded a similar grant this year.
If business owners qualify, the county can provide flexible, low interest-rate financing for expansion, relocation, preservation and start up projects. The loan can finance working capital, inventory purchases, equipment and real estate acquisition, new construction and the purchase of furniture and fixtures.
Loans of up to $250,000 are available, Thompson said.
“All of this is federal money that passes through the state,” Thompson said.
The county program opens doors to business owners who may not qualify for traditional loans, Thompson said.
So far, four business owners have submitted applications, Thompson said.