One program to assist small businesses in Nevada City is closing out and another is preparing to get started. The $300,000 Business Assistance Loan Program which concluded in December of 2012 never had an opportunity to achieve all of its goals. City Manager David Brennan says the program had a late start so didn’t have the full grant period to produce results for small business focused on low-income families .
Former program manager David Nelson says the training element for the project was successful with over 100 participants taking advantage of five different courses.*
CEO Brent Smith of SEDCorp, the company that was a sub-grantee and underwriter for the grant portion of the program, says four businesses applied for the Small Business or MicroEnterprise loans, but none met the requirements to receive funding.
A majority of the State Community Development Block Grant funded through the U.S. Housing and Urban Development Agency went unused so it has been redistributed through other agency projects. Brennan says Nevada City has received a different grant to encourage business development within the City.
The closeout of the first grant was presented for public hearing at Wednesday evening’s Nevada City City Council meeting.