Assisting Small Business Owners Impacted by Temporary Closures
TRUCKEE, Calif. – Truckee Tomorrow, the public/private partnership between the Truckee Chamber of Commerce, the Town of Truckee and private investors, has joined together to make a $100,000 donation to the new Resilience Fund. All of the partners recognize the crushing blow the COVID-19 pandemic has had on Truckee’s business community, and the need for rapid assistance.
The Resilience Fund, administered and supported by Sierra Business Council, was created for the community, by the community, to provide financial assistance, resources and guidance to small businesses in the Truckee North Tahoe area that have incurred, or project to incur, significant financial loss due to the COVID-19 pandemic.
The Town of Truckee was a significant catalyst by stepping up with a $50,000 investment of economic development funds, and the Truckee Tomorrow private investors are matching that with another $50,000 investment.
“It’s been a priority of the Town Council for many years to designate some of our funds toward economic activities to strengthen and diversify our economy,” said Mayor Dave Polivy. “We are proud to be partnering with the Truckee Chamber of Commerce and the Truckee Tomorrow private investors to make this contribution and hope it acts as a catalyst for further donations.”
The Resilience Fund aggregates donated and invested money into a revolving fund for small businesses to access as low-interest micro loans, ranging from $5,000-$25,000, for use as operating capital. Businesses put through the program also access a network of professional consultants across industries to revamp existing operations, strategize communicating changes to their stakeholders, and maximize productivity during closures. Eligible businesses must have been in sound operation prior to the Covid shutdown and able to prove how the funds will help them reopen.
“It’s pretty simple. We have to help the small businesses of Truckee,” said Doug Wright, President of Mountain Hardware & Sports, one of Truckee Tomorrow’s private investors. “They are our friends, our neighbors, our community. We recognize many of them are in serious need and may be on the verge of not being able to reopen. It’s our responsibility, and the right thing to do to extend this helping hand to them at their time of need.”
“Many people in town have been asking “how can we help” – this Resilience Fund provides the avenue through which to do so,” said John Manocchio, Truckee Chamber of Commerce Chair of the Board. “We all care deeply about our community and our small businesses that are the fabric of our community. They define us and they are critical to our recovery as an authentic mountain town and a strong, vibrant community. Truckee takes care of our own, and by helping one another, together we will get through this.”
Several of the Truckee Tomorrow private investors have stepped up with additional contributions toward the Resilience Fund and the continuation of the important work Truckee Tomorrow has done to date. While Truckee Tomorrow is pivoting to address this urgent need, the work on the three projects that have been the focus for the past years continues. That includes:
- TruckeeJobsCollective.com – an online platform created to connect job seekers with employers. This platform will be even more important as businesses begin their recovery effort.
- Growing Our Own – working collaboratively with Tahoe Truckee Unified School District and Sierra College to increase awareness of existing programs, and identify creative opportunities to strengthen the connection between the business community to education providers through shadow programs, training and more.
- Developing Truckee as an Entrepreneurial Ecosystem – a long-term, forward-thinking approach to diversifying Truckee’s economy in the next 3-5-10 years. A healthy entrepreneurial ecosystem requires financial capital as well as the creation of capital models – the Resilience Fund directly correlates to this need identified by this Project Team.
“The collaborative spirit, passion and commitment our Investors and community members have shown through their participation in the Project Teams is significant,” said Pam Hobday, Truckee Tomorrow Project Director and Past-Chair Truckee Chamber of Commerce. “The Town of Truckee as our primary partner, in addition to all of our Investors and their 3-year commitments, are to be recognized for their investment in Truckee’s economic future. They all believe in Truckee Tomorrow and want to make a difference. We thank them from the bottom of our heart.”
