I-80 Fund
Nevada Gold Mines launched a new rural economic development initiative, the I-80 Fund, with an initial investment of $5 million in July 2020. The program was established to provide support through relief and recovery loans to eligible small businesses that have been affected by the economic impacts of Covid-19 in counties along the Nevada I-80 corridor — specifically in Elko, Lander, Humboldt, and Eureka.
I-80 Fund Update
The I-80 Fund initially focused on immediate relief and recovery efforts, and then it evolved into a small business development fund to stimulate and support economic growth in Northern Nevada into the future. Phase one of the program focused 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, which started on January 1, 2021, is providing low-interest loans to develop new and grow existing small businesses in the region, thereby driving economic growth in Northern Nevada.
The fund is 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. For more information on the program and how to apply, please reach out to RNDC at www.rndcnv.org or contact 775-289-8519.