Wood said the fund has supported businesses in all four counties, but primarily in Elko County so far, and there have been a variety of types of businesses receiving loans.
The different types of obtaining I-80 loans in the first year included geological advice, a beauty salon, a fitness center, building restoration, a bar, an interactive school, a hotel, a car wash, community center, pharmacy, radio station, mobile home park, machine shop, restaurant, trucking company, welding company, construction company and photo studio.
Wood said NGM’s efforts to expand broadband also involve the I-80 Fund. NGM is providing approximately $ 10 million for a loan to Anthem Broadband which Anthem would in turn pay to the fund, and an additional $ 20 million in loans will be made available to Anthem for the payment of a loan to the Heritage Fund Endowment by NGM.
“We’re not getting any money back. We want him to go to the community, which sounds pretty cool to us, ”Wood said. And she said the I-80 Fund is one of the programs NGM is most proud to have launched because “you can see tangible results”.
Although the broadband company receives $ 10 million from NGM for the I-80 fund as part of the special arrangement, the fund is limited to commercial loans of $ 5,000 to $ 100,000 at a rate of $ 10,000. 2% interest. Brothels and gambling businesses are not eligible.
Wood said RNDC had more flexibility in its lending criteria than traditional lending institutions, which is one of the reasons NGM chose the non-profit organization to manage the fund.
