The City of Reno in collaboration with NewBean Capital and EDAWN launched the Reno Accelerator Fund convertible note program in January 2014.
The goal of the program is to provide early-stage capital to eight promising startups, especially businesses that focus on technology. “We’re looking for the kind of companies most likely to create jobs, so we know that’s technology,” says Nicola Kerslake with NewBean Capital. “But that could be across all sectors – technology for agriculture, for example, or software for veterans. There are no restrictions in terms of the type of technology.”
The Reno Accelerator Fund plans to invest up to $20,000 each in the eight businesses by the end of June 2014. Doug Erwin, Vice President of Entrepreneurial Development for EDAWN, says he envisions the program expanding on Reno’s already burgeoning Start Up Row along First Street in downtown Reno. The new program also ties in with the Kauffman Foundation’s One Million Cups program in Reno, which kicked off in March 2013 and focuses on publicizing and supporting local startups.
For more information about, and applications for, the Reno Accelerator Fund, please go to the link above or contact Nicola Kerslake, the program administrator, at (775) 623-7116 or firstname.lastname@example.org.
VEDC is a certified Community Development Financial Institution (CDFI) – a non-profit lender with a mission “to create and sustain jobs and businesses in our communities by providing high-quality economic development services.” VEDC has a successful 38-year history in Southern California and recently expanded to Nevada. Among its many programs are loans for women-owned businesses, minority-owned business, microloans, direct loans for $50,000-$700,000, and SBA loans for $50,000-$5,000,000. The City of Reno is providing a $200,000 loan loss reserve for VEDC to leverage $3 million in available loans to qualified businesses within the City of Reno.
For more information about the VEDC loan program, please go to the link above or contact Chris Fream, the program administrator, at (775) 785-5820/(775) 221-1766 or email@example.com.