Resilience fund set to help South Tahoe businesses; City invests $100k
SOUTH LAKE TAHOE, Calif. — The Sierra Business Council has launched a resilience fund to help support businesses during and post COVID-19.
The Resilience Fund-Tahoe is a community impact loan fund that allows accredited investors to support local businesses with low cost capital.
The fund is intended to help businesses that have been impacted by COVID-19. SBC is discouraging businesses who are fully operational or who have already received significant relief funds from federal programs from applying.
The low interest loan is available to businesses with a physical presence in Tahoe and have been operational since March 1 with a solid cash flow prior to closure. The businesses must also have fewer than 25 employees.
The fund has already launched in North Lake Tahoe and Truckee. As of May 28, 150 applications in that area have been received, 14 loans have been funded which reflects 160 jobs recovered.
People who are interested in helping the fund can make a donation or an investment. There is a minimum investment of $10,000.
The fund has expanded into the South Lake Tahoe region and a private investor has already invested $100,000 into the fund.
During the May 28 South Lake Tahoe city council meeting, the council voted unanimously to match that investment.
To learn more, visit resiliencefund.org.
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