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March 28, 2024 6:36 pm
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Coalition Meeting Discusses Grant-Funded Business Loan Programs

By MYRNA FOSTER

Moapa Valley Progress

Mesquite Regional Business CEO Gaye Stockman gives a presentation at the meeting of the Moapa Valley Revitalization Project last week. PHOTO BY MYRNA FOSTER/Moapa Valley Progress.

Gaye Stockman, President and CEO of Mesquite Regional Business (MRB) gave a PowerPoint presentation on the Revolving Loan Fund Program on Wednesday evening to those in attendance at the Moapa Valley Revitalization Project (MVRP) coalition meeting held at the North Shore Inn.

Stockman said that her services in administering the loan program are 100% confidential and free to business owners seeking to utilize the program. Through its Revolving Loan Program, MRB can utilize $50,000 in federal grant money to give local businesses access to lower interest loans. The loans have to be approved through a lending institution, such as a bank, which then becomes the underwriter. Then, as soon as the money is paid back, MRB makes it available to the next person or business that needs a loan.

With her services being confidential, Stockman couldn’t discuss how she’d helped businesses in Mesquite. She said that MRB has been helping Mesquite businesses through providing various services. She said the organization would like to do the same in Moapa Valley.

“We were organized as a region,” Stockman said, “because we wanted to serve Moapa Valley as well.”

Stockman said that MRB Revolving Loan Program can offer loans at one percentage rate lower than prime, though she also said this rate is negotiable. For instance, if prime were 3.25%, she could offer a rate of 2.25%.

“As long as the money’s paid back, we don’t care,” she said.

Some of the projects that might qualify for a loan through the Revolving Loan Fund are: acquisition of land or buildings, construction of new buildings, acquisition of equipment or inventory, improvements, and working capital.

“Every business needs working capital to stay in business,” Stockman said, “and sometimes you’re just a bit short.”

Unlike lending institutions that make money through interest rates, the MRB program lends money to create new job opportunities in the area and increase revenue. MRB is a non-profit organization. Their Revolving Loan Fund of $50,000 came from a USDA Rural Development Rural Enterprise Business Grant.

Mesquite Regional Business hired Stockman in February of 2013. Since then, she has acquired the needed grant money to help the Revolving Loan Fund move forward. She said that she fills out all of the USDA paperwork for their customers, making the process as easy as filling out a bank application.

She has also putting together an Innovation and Technology Summit to draw more attention to the region.

Stockman suggested that Mary Kaye Washburn, President of MVRP, might apply for a loan to help her transition the Wild Horse Gallery to a non-profit.

MVRP member Floyd Lampinen suggested that MVRP start their own Revolving Loan Program, but Washburn pointed out that none of them had the expertise in finance that Stockman had.

Stockman wrapped up her presentation, handing out brochures and business cards. She said she’d be happy to come back if any business owners were interested in utilizing MRB’s Revolving Loan Program.

Washburn said that she had talked to some local businesses about buying a page advertisement in View on Mesquite Magazine. The page would say something like “Shop and Play in Moapa Valley.” There were a limited number of spots for businesses to advertise on the page, and she’d sold all of them but one. The ad would run in the magazine’s September/October issue.

MVRP member Ron Casey asked about the possibility of MVRP holding meetings at the Old Logandale School building. Secretary Jocelyn Witsken said she’d help him look into it.

Casey will be holding an upcoming property/business owners meeting toward the end of August to kick off a steering committee. This committee will be looking into the possibilities of a downtown streetscape/beautification project.

Washburn offered to print address labels and the letters Casey will be sending out. She also said she had envelopes he could use.

MVRP coalition meetings are only held once a quarter, so the next will convene on October 22.

Their next regular meeting will be at the Wild Horse Gallery on August 13 at 3:00 pm. Anyone is welcome to attend.

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