Resilience Fund issues 1st local business loan in South Lake Tahoe
The Resilience Fund-Tahoe has funded its first local loan to a local restaurant that was in desperate need of repairs amid the coronavirus pandemic.
The loan went to Freshies Tahoe to help save their outdoor patio deck which is critical to serving socially distanced customers and ensure the business’ future success.
“After many months of unsuccessfully trying multiple federal avenues for support of Freshies during the business disruption caused by the pandemic, we are thrilled to have qualified for this very generous Resilience Fund loan,” said owners Erik and Melodie Ulman in a press release. “We are ready to get our deck open. Thank you so much.”
“We are thrilled that our first loan is helping a favorite local restaurant in South Lake Tahoe, and saving fish and shrimp tacos,” said Amanda Adams, president of the South Tahoe Chamber of Commerce and a core planning team partner.
“The city of South Lake Tahoe matched a very generous local donation of $100,000 and now the first loan is in the city, which is fitting,” said Heidi Hill Drum, CEO, Tahoe Prosperity Center and core planning team partner. “On behalf of all the core planning team members, we thank the council for their leadership in this crisis.”
The Resilience Fund – Tahoe is an expansion of the successful Resilience Fund – Sierra started in Truckee and North Lake Tahoe by the Sierra Business Council.
They have funded more than 20 loans, helping 12 businesses reopen and saving more than 120 local jobs.
Funds in this revolving loan program continually help local businesses. They can apply for loans between $5,000 and $25,000 with favorable terms (5-year repayment at 2% interest) and can use the funds to restock their restaurant pantry after a long closure, hire back employees to begin to reopen, or purchase needed items to ensure social distancing and continued revenue generation.
The Resilience Fund-Tahoe is initially designed to help businesses that have been impacted by COVID-19 forced closures. On the other side of the current economic crisis, the fund will serve as permanent loan infrastructure for the small business community with fewer restrictions to help them grow, expand and thrive. In the last three months, the Tahoe Truckee region raised more than $1 million for the Resilience Fund – Sierra and each fund has a goal of raising $5 million to ensure ongoing local support for local businesses.
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