$5 million investment to provide relief and recovery loans to local small businesses impacted by COVID-19
All amounts expressed in US dollars
ELKO, NEVADA – Nevada Gold Mines (NGM) announced today the launch of its new local investment initiative, the ‘I-80 Fund’. 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 has 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.
Enquiries
Catherine Raw
COO, North America
Tel: +1 416 307 5157
Email: craw@barrick.com
Greg Walker
Executive Managing Director, NGM
Tel: +1 702 526 3194
Email: gwalker@nevadagoldmines.com
Kathy du Plessis
Investor and media relations
Tel: +44 20 7557 7738
Email: Barrick@dpapr.com
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Certain information contained in this press release, including any information as to Barrick’s strategy, emergency response plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “provide”, “support”, “intend”, “will” “prepare”, “develop”, “engage” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the anticipated benefits of the I-80 Fund and financial support provided by Nevada Gold Mines to mitigate the impact of the COVID-19 pandemic on its local communities and stimulate and support economic growth in northern Nevada.
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