The Biggest Little City In The World – also known as Reno, Nevada is a rising star when it comes to building a strong economy and creating new jobs. Part of this is due to the economic diversification it experienced after the recession. Through these efforts, the city of Reno truly fostered an entrepreneurial climate. With an affordable housing market, great weather and enough land to develop, Reno has the perfect ecosystem in place for economic mobility.
Northern Nevada Impact:
As Southern Nevada depends heavily on hospitality, tourism, and entertainment; Northern Nevada has a more diversified economy. With a wildly business-friendly environment and a competitive tax structure, there has been an increase of business moving to this area. Big-name companies such as the Tesla Gigafactory, the Panasonic-Tesla Battery Production Line, Microsoft, Apple, Amazon, and Patagonia have all set roots in the Reno area meaning small businesses are also growing as a result. As these big companies bring in more jobs and an increase in population, it gives entrepreneurs the opportunity to open up their small business or expand their existing business to meet the demands of the growth.
Some of the businesses we have helped in the Reno area include Samsarg, 3D Keepsake Imaging, and Mommies & Daddies Preschool.
How We Help Northern Nevada Businesses:
With an estimated 17,400 small businesses in the area, Prestamos has an incredible opportunity to help in the process of growing and establishing those small businesses. Prestamos set a footprint in the area just at the beginning of 2019. Currently, Prestamos is focusing efforts in the areas of outreach and loan funding to small business owners with the support of a dedicated, full time, local Business Development Officer.
Several small business owners in the area have already obtained loans from Prestamos CDFI. At least eighteen jobs have been supported or will be created as a direct consequence of such efforts. The small business owners that received financing from Prestamos CDFI will also receive Business Consulting Services as a part of the Technical Assistance Package that comes with the loan.
The completion of an application does not guarantee loan approval or receipt of loan funds.