Las Vegas is infamous for entertainment, a lively atmosphere, and booming tourism industry. For years, people from all over the globe have flocked to Las Vegas for some fun. As with every other major city, COVID-19 put the city that never sleeps to a halting slumber.
As casinos, restaurants, and hotels shut down, so did a considerable portion of the city’s economic infrastructure. Las Vegas is a city where a full one-third of the local economy is in the leisure and hospitality industry. This hard-hit industry left many unemployed, which in turn hurt the small local businesses serving the community.
While Las Vegas is in the process of opening back up, it is difficult to say whether or not people will once again resume travel and continue operations “normally.” However, it is expected to once again recover, unlike one of the city’s biggest draws: conferences and conventions industry. How does this $10.5 Billion industry, according to the Las Vegas Review-Journal, recover and get back to its feet?
One of the first things the industry must do is begin looking at is how they can prioritize people’s safety, health, and well-being. This starts with their sanitation and social distancing efforts. While it may take some time to get back to the numbers they were once at, demonstrating they do have people’s best interest and empathizing with their needs is the key to gain trust. Secondly, they should start looking at what services they can offer clients looking to host hundreds or even thousands of people in a virtual setting. Although it is hard to replace that face-to-face interaction that conferences boast, looking at ways to incorporate technology and AI into their event planning can be a game-changer.
When thinking of the economy of an area, it is good to start by looking at the hundreds and thousands of small businesses that make up the community of the Las Vegas area. The one thing they all have in common is their diversity. Focusing on this aspect can help recover, revitalize, and diversify the economy as a whole. The diversification of an economy is crucial not only to help put it back on track but also to help long-term growth and sustainability.
This presents an opportunity for entrepreneurs looking to open up a business or expand existing businesses. Thinking about ways to bring new industry, technology, and services on a small or large scale is crucial for a city to begin rebuilding and strengthening its economy.
As a CDFI (Community Development Financial Institution), Prestamos is honored to work with businesses in the Las Vegas area. We are here to work with small businesses in the communities we serve to help them grow and quality job creation. We believe that small businesses are the economic engine of our communities. They are essential for our local and national economies to work and grow.
The Prestamos loan products and consulting services are designed for emerging and existing business owners. What sets Prestamos apart is our highly skilled Business Advisors, which our clients have access to at no additional cost. Our business advisors are here to help entrepreneurs in marketing, HR, accounting, website, and much more – our team is here to help you develop your business. We pride ourselves in leveling the playing field for businesses of every type and assisting communities in thriving.
Contact us today to learn more about our variety of loan products and business consulting programs to help your business grow and succeed.
CITY OF NORTH LAS VEGAS PRESS RELEASE
FROM THE OFFICE OF THE CITY MANAGER
MEDIA CONTACT: Patrick Walker, Public Information Officer
FOR IMMEDIATE RELEASE: July 6, 2020
North Las Vegas, Nevada – The City of North Las Vegas is pleased to announce four new programs aimed at providing relief for City residents and businesses experiencing hardships related to the COVID-19 pandemic.
The City hopes to expand these efforts with CARES Act funding and continues to work with the Governor’s Office and State and Federal elected officials to secure North Las Vegas’ fair share of funding.
For residents, the City is teaming up with local non-profits to provide the following programs:
Temporary Rental and Utility Assistance
Emergency Food Assistance
Social Seniors Meals 2 You Program
For Temporary Rental and Utility Assistance, the following eligibility requirements apply:
- Must have a gross annual household income that is at or below the maximum income limits. For short-term assistance, the Area Median
- Income (AMI) limit is 80%; for long-term assistance, the AMI limit is 50% (chart).
- Must be a city of North Las Vegas resident and reside in a property located within the city limits of North Las Vegas.
- Must have a delinquency notice from landlord or mortgage company and documentation of financial hardship due to COVID-19 (i.e., loss of income, reduced hours, layoffs, etc.).
- Must show a lack of assets or savings to pay rent/mortgage.
- Anyone currently receiving a subsidy from another rental assistance program or living in public housing is ineligible.
To qualify for the Emergency Food Assistance and Social Seniors Meals 2 You programs, you must be a North Las Vegas resident and have a gross annual income that is at or below the 80% Area Median Income for your household size.
Additionally, the City of North Las Vegas has created a Small Business Stabilization Forgivable Loan Program. North Las Vegas-based businesses with 20 or fewer employees may qualify for forgivable loans of up to $25,000 at zero interest in an effort to mitigate losses experienced by our small business community. Learn more about the program here.
The City is able to provide all four programs using Community Development Block Grant and Emergency Services Grant funding from the U.S. Department of Housing and Urban Development (HUD). For more information about the programs, please click here.
“These programs are a great start and will be very beneficial to the residents of our City,” Mayor Pro Tem Isaac Barron said. “However, there is a much greater need for financial relief for the residents of Ward 1 and North Las Vegas — Nevada’s largest minority-majority city and one of the municipalities hardest hit by COVID-19 — which is why equitable funding for our community is so critical.”
North Las Vegas was one of only four cities left out of the state’s plan to distribute Coronavirus Aid, Relief, and Economic Security (CARES) Act Coronavirus Relief Fund (CRF) dollars it received from the U.S. Treasury to Nevada’s cities and counties with populations under 500,000.
“Being left out of the distribution has created an even greater and more glaring disparity for our communities of color, which have already been subjected to systemic inequality for far too long,” said Councilwoman Pamela Goynes-Brown, who represents Ward 2. “That includes under-funding programs and a lack of equal access to economic opportunities. Our residents deserve and demand more.”
The coronavirus has had a disproportionate effect on communities of color. According to the Centers for Disease Control and Prevention, African Americans are five times more likely to be hospitalized for COVID-19, and Latinos are four times more likely. Additionally, at the onset of the pandemic, two-thirds of the people who died from complications related to COVID-19 in North Las Vegas were African American.
Nationwide, a Brookings Institute analysis shows that African Americans are twice as likely to die from COVID-19 as Caucasians, and when adjusted for age, those rates soar even higher for both African Americans and Latinos.
Additional resident and business relief programs are crucial during and after this pandemic so that we may provide ongoing critical support services to help residents and business owners with rent, child care, utilities, payroll, PPE, and other essential needs.
In efforts to respond to the COVID-19 pandemic and the impact on the small business community, the SBA and Treasury Department have announced $10 Billion in additional funding. This additional funding will be exclusively for Community Development Financial Institutions (CDFI’s) to provide funding for small businesses participating in the Paycheck Protection Program (PPP).
The purpose of a CDFI is to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. As a CDFI, Prestamos will continue working to expand its work on providing economic opportunity to the communities we serve through the PPP. By providing small businesses with access to financial resources and services, we are able to help provide them relief through the uncertainty.
The PPP is a forgivable financial loan meant to provide assistance to businesses to help retain their workforce and remain in operation. Throughout the funding phases, Prestamos has already provided $10,623,689.73 in direct PPP services to 302 local businesses in Arizona, New Mexico, and Nevada. This funding has helped to preserve 1,644 jobs and keep businesses open. As is known with Prestamos, our services go beyond financial products. We are dedicated to creating opportunities for business owners to inform themselves on best practices and solutions for success.
Knowing that the PPP is a forgivable loan, Prestamos has worked closely with our team to ensure that businesses have what they need to navigate the process. From the application phase to life after the loan, we have equipped borrowers with the information they need to make sure their loan is forgiven. This information has helped prepare these businesses with tools to ensure they are following protocol and are in compliance to get the loan forgiven, if applicable.
At Prestamos CDFI, we are here to help you with any needs your small business has. We offer a variety of loan products and business consulting programs to help your business grow and succeed.
The completion of an application does not guarantee loan approval or receipt of loan funds.
Prestamos CDFI adheres to the guidelines set by the Small Business Administration in regards to applicant information and submitted documentation. We will fully corporate with law enforcement agencies to identify possible fraudulent actors and help prosecute should our participation be requested.