The Mesquite Regional Business, Inc. (MRBI) organization has been awarded a $50,000 grant from USDA Rural Development to create a Revolving Loan Fund for the Mesquite region, which includes the Moapa Valley communities.
The funding was made available through the Rural Business Enterprise Grant (RBEG) program, which promotes business development in rural areas.
“The opportunity to provide funding assistance to businesses within the Mesquite region is a significant tool for our economic development growth,” stated MRBI CEO Gaye Stockman. “The funding will be used in various scenarios, i.e., gap financing, loan participation, interest rate reduction, etc. Each project will be customized to meet the businesses’ need.”
MRBI has established a five member Revolving Loan Fund Committee consisting of representatives from a local CPA firm, financial institutions, Chamber of Commerce, and MRBI to provide oversight of the funds. Business owners interested in the loan program should contact MRBI for more information.
“I am tremendously impressed with the vigor of Mesquite Regional Business, Inc. and the strategic approach they are pursuing,” said Sarah Adler, USDA Rural Development State Director. “This revolving loan fund can act as seed and leverage capital for small businesses within the region.”
“The grant funding will only be available to assist businesses in the Mesquite region,” addedStockman. “As the loans are repaid, the funds with interest will go back into the initial account and continue to be re-loaned to other businesses that may need the additional financial aid.”
For information contact Gaye Stockman at the MRBI at 702-345-3075 or email GStockman@mrbnv.org.
