Truckee earmarks $300K for small business loan program
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 firstname.lastname@example.org
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