ELKO, NEVADA – Nevada Gold Mines (NGM) announced the launch of the ‘I-80 Fund,’ its new local investment initiative on July 6, 2020. The program has been established to provide support through relief and recovery loans to eligible small businesses along the Nevada I-80 corridor, specifically in the Elko, Lander, Humboldt, and Eureka counties, which have been affected by the economic impacts of COVID-19. NGM provided an initial investment of $5 million to the fund.
“The ‘I-80 Fund’ will provide a means to help strengthen our local economy following the devastating impact of COVID-19,” said Greg Walker, NGM executive managing director. “Nevada Gold Mines is proud to be a community partner and we, as local residents ourselves, want to see our communities and the State of Nevada not only recover from these challenging times, but come out of this crisis stronger than before. I encourage our industry partners to join us in this endeavor by contributing to the fund.”
The fund will be managed by Rural Nevada Development Corporation (RNDC), a 501(c)(3) organization that has been providing lending and other services to the businesses of rural Nevada since 1992.
“RNDC is excited to have the opportunity to partner with NGM to provide such amazing support to the businesses of these communities in these unprecedented times,” said Mary Kerner, RNDC CEO. “The growth and prosperity of rural Nevada has always been our primary goal, so the devastation to our business community in the wake of this pandemic has been difficult to see. This fund will be instrumental in helping businesses rebound.”
The ‘I-80 Fund’ will initially focus on immediate relief and recovery efforts. The intention is then to evolve into a small business development fund to stimulate and support economic growth in northern Nevada. Phase one of the program will focus on disaster relief and recovery loans for small businesses impacted by COVID-19, with loans ranging from $5,000 to $100,000 with a 2% interest rate.
To qualify for the program, businesses must have been in operation prior to January 1, 2020. Phase two of the program will provide loans to develop and grow small businesses in the region, thereby driving economic growth in northern Nevada.
For more information on the program and how to apply, please reach out to RNDC at www.rndcnv.org or contact 775-289-8519.