Truckee earmarks $300K for small business loan program | SierraSun.com
YOUR AD HERE »

Truckee earmarks $300K for small business loan program

Jason Shueh
Sierra Shueh
Jason Shueh/Sierra SunOne of the many buildings in Truckee's downtown for lease or for sale. Town council hopes their new low-interest loan program will incentivize business growth through business creation of expansion.
ALL |

TRUCKEE, Calif. and#8212; In a growing effort to combat the aftermath of the Great Recession’s local impacts, the town of Truckee recently announced a new small business loan program.

On March 17, Truckee Town Council approved $300,000 to be dedicated to the program, which would offer low interest loans capped at $50,000 to potential businesses establishing or expanding in the town’s redevelopment area located in Truckee’s downtown.

David Griffith, redevelopment and housing coordinator, said the program is designed to fill vacant commercial space and help reduce the cost of expanding or opening a business in Truckee.

and#8220;The loan can be used for costs including tenant improvements, design, permit fees and exterior façade improvements,and#8221; said Griffith. and#8220;The interest rate is one percent annual simple interest and must be repaid in full if the business moves, is sold or closes.and#8221;

In a Wednesday interview, Alex Terrazas, the town’s assistant general manager, said the loans would be awarded to businesses meeting the loan program’s specific criteria and on a first-come first-serve basis.

and#8220;The town council has taken action to improve our local economy in the project area and would encourage businesses to take advantage of the program,and#8221; Terrazas said.

He added that a few businesses have already expressed interest in the program.

Those interested should contact Griffith at 530-582-2910 or by e-mail at dgriffith@townoftruckee.com


Support Local Journalism

 

Support Local Journalism

Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User