RENO, Nev. — The Audacity Institute, in partnership with the city of Reno, recently launched the “City of Reno Small Business Relief Fund for Minority- and Women-Owned Businesses.”
The online application period opened Sept. 21 and closes Oct. 2 at 11:59 p.m.
According to a press release from the city, the program is funded by the city with funds received from the federal CARES Act. The program is intended for small businesses with less than $2 million in annual revenue and less than 20 employees.
Eligibility is contingent on the following criteria: businesses must have a current city of Reno business license; be physically located within the city; and be at least 51% minority- or women-owned.
“This program is meant to get money into the hands of the business owners who need it the most,” Kelly Northridge, Audacity Institute Managing Partner, said in a statement.
According to the city, the Audacity Institute was selected after a competitive bid process. The institute, working with a diverse and inclusive advisory board to minimize bias, will oversee administration of financial assistance awards up to $20,000 to each business.
“We’re excited to partner with the Audacity Institute on this timely and important relief program,” Reno City Councilmember Oscar Delgado said in a statement. “Providing funding, education and support to business owners from underserved populations is a core mission of the Audacity Institute, and that’s an effort we’re proud to support at the City of Reno.
"We know this has been a difficult stretch for many of our local businesses.”
The program was created due to the fact that nationally, up to 90% of minority and women-owned businesses were denied relief funding from the Payroll Protection Program, and only 12% of Black and Latino business owners received what they asked for in PPP loans, according to the city, statistics that generally mirror who received PPP funds in Northern Nevada.
“On average, women and minority-owned businesses in Reno received fewer economic disaster assistance loans, and fewer dollars when assistance was granted,” Danielle Rees, Audacity Institute Managing Partner, said in a statement. “As a result, it’s possible that Reno could see more of these women and minority-owned businesses closing in the coming months.”
Go here to learn more and to apply.
-->RENO, Nev. — The Audacity Institute, in partnership with the city of Reno, recently launched the “City of Reno Small Business Relief Fund for Minority- and Women-Owned Businesses.”
The online application period opened Sept. 21 and closes Oct. 2 at 11:59 p.m.
According to a press release from the city, the program is funded by the city with funds received from the federal CARES Act. The program is intended for small businesses with less than $2 million in annual revenue and less than 20 employees.
Eligibility is contingent on the following criteria: businesses must have a current city of Reno business license; be physically located within the city; and be at least 51% minority- or women-owned.
“This program is meant to get money into the hands of the business owners who need it the most,” Kelly Northridge, Audacity Institute Managing Partner, said in a statement.
According to the city, the Audacity Institute was selected after a competitive bid process. The institute, working with a diverse and inclusive advisory board to minimize bias, will oversee administration of financial assistance awards up to $20,000 to each business.
“We’re excited to partner with the Audacity Institute on this timely and important relief program,” Reno City Councilmember Oscar Delgado said in a statement. “Providing funding, education and support to business owners from underserved populations is a core mission of the Audacity Institute, and that’s an effort we’re proud to support at the City of Reno.
"We know this has been a difficult stretch for many of our local businesses.”
The program was created due to the fact that nationally, up to 90% of minority and women-owned businesses were denied relief funding from the Payroll Protection Program, and only 12% of Black and Latino business owners received what they asked for in PPP loans, according to the city, statistics that generally mirror who received PPP funds in Northern Nevada.
“On average, women and minority-owned businesses in Reno received fewer economic disaster assistance loans, and fewer dollars when assistance was granted,” Danielle Rees, Audacity Institute Managing Partner, said in a statement. “As a result, it’s possible that Reno could see more of these women and minority-owned businesses closing in the coming months.”
Go here to learn more and to apply.
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