Indian Reservation
Microlending Program Targets Reno Businesses
A new program targeting small businesses in NV has started. The Rural Nevada Development Corp. is administering the program. The program is funded by the U.S. Department of Agriculture and focuses on businesses that can’t otherwise get loans. One-fifth of the money has already been handed out. This could help people stay away from payday cash loan lenders if they can get the financing somewhere else.
When in Reno, Nevada, you may want a rural development loan
A new “microlending” program will begin due to a $500,000 grant that the U.S. Department of Agriculture is funding. There is the United States Department of Agriculture Rural Microentrepreneur Assistance program. This will fund bad credit loans to all Reno-area businesses. These loans provide up to $50,000 for companies that have been denied traditional banking loans. The fixed-rate loans charge between 10 and 12 percent interest and must be paid back in five years.
Ways to qualify for bad credit business loans in Reno
In order to qualify for the Rural Nevada Development Corp. loans, a business has to meet several criteria. The business can’t make over $1 million a year in gross revenue. Also, the business can’t have less than 10 employees at a time. The business is required to have been denied financing. This would have to have been applied for in traditional loan financing manners. You will find only a few areas that can get the money. These contain areas around Indian Reservations, Las Vegas, Carson City and Reno. There is $500,000 allocated for these loans in Nevada, and $100,000 was handed out within the first five days of the program. Within the month, the whole $500,000 is expected to be gone.
What you need to learn about microfinance
“Microfinance” and “microlending” are becoming popular terms. The USDA is saying “microlending” is what the Reno loan program does. Most microfinance programs loan much smaller amounts than this though. Microfinancing is generally targeted towards very low income individuals, often in creating nations. Microlending typically comes in amounts around $1,000 — making the RNDC “microlending” program comparatively gigantic. Businesses that do not have good credit and don’t’ have money to work on the business are in a “hole” in the credit industry even though microlending is generally given with private individuals from developed countries to developing countries.
Citations
RGJ
rgj.com/article/20110201/BIZ/102010321/1321/news
Indian Reservation
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