CARSON CITY — The Western Nevada Development District (WNDD) announced today that it is extending a four-month grace period to businesses that are part of its Micro-loan program.
The WNDD provides short and long term, fixed rate, low interest loans to qualified borrowers interested in the creation of new small businesses or the expansion or retention of existing small businesses.
“We have a half-dozen businesses that have been using our program,” said WNDD President Roy Edgington, City of Fernley Mayor. “All are facing unprecedented challenges in the face of mandatory statewide business closures. This action is to reduce the stress and burden to make these loan payments when the flow of revenue has virtually stopped or been drastically reduced.”
The Micro-loan Program is designed to stimulate economic growth and create jobs. The Program provides affordable, non-conventional financing to eligible small businesses that are not able to receive funding elsewhere. Businesses receiving these funds will in turn be required to produce a sufficient number of net new jobs, or in the case of business retention, retain existing jobs.
“Once we clear the challenges presented by the COVID-19 pandemic, we will be ready to assist these and other businesses rebound through our Micro-loan Program,” Edgington said.