$1 million in relief funds to be distributed to Minority and Women-owned businesses
RENO, Nev. (News 4 & Fox 11) — Audacity Institute is partnering with the City of Reno to launch the City of Reno Small Business Relief Fund for Minority and Women-Owned Businesses, distributing a total of $1 million.
Eligible businesses could receive up to $20,000 in financial assistance.
“This program is meant to get money into the hands of the business owners who need it the most,” said Kelly Northridge, Audacity Institute Managing Partner.
The program is intended for small businesses with less than $2 million in annual revenue and less than 20 employees.
“We’re excited to partner with the Audacity Institute on this timely and important relief program,” Reno City Councilmember Oscar Delgado said. “Providing funding, education and support to business owners from underserved populations is a core mission of the Audacity Institute, and that’s an effort we’re proud to support at the City of Reno. We know this has been a difficult stretch for many of our local businesses.”
Eligibility is based on the following criteria:
- Current City of Reno business license
- Business physically located within the City of Reno
- At least 51% minority- or women-owned
Applications are now open and will close on October 2.
Nationally, up to 90% of minority and women-owned businesses were denied relief funding from the Payroll Protection Program (PPP), and only 12% of Black and Latino business owners received what they asked for in PPP loans. According to an analysis by the Audacity Institute, statistics in our area are similar.
"On average, women and minority-owned businesses in Reno received fewer economic disaster assistance loans, and fewer dollars when assistance was granted,” said Danielle Rees, Audacity Institute Managing Partner. “As a result, it’s possible that Reno could see more of these women and minority-owned businesses closing in the coming months.”
Applications are available in English and Spanish.
Applicants are encouraged to apply early, as funding is limited. Audacity will provide application assistance in both Spanish and English at 775-470-7789 or on their website.
