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NCREDA program funds first revolving loan

The owners of a recently opened small business in town is crediting its success on a newly created program.

Gypsy Shack owners Linda Gardner and daughter Tabitha Armstrong said without the assistance of NCREDA, (Nye County Rural Economic Development Authority), their new business would not have gotten off of the ground.

Last year, NCREDA was granted $30,000 courtesy of USDA Rural Development Nevada to develop a revolving-loan fund for small and emerging private business in Nye County.

NCREDA matched the Rural Business Enterprise grant with $21,900 of in-kind contributions.

As a result, the business owners received a $5,000 revolving loan at low rates and favorable terms.

NCREDA Executive Director Cassandra Selbach said this week that she is excited that the program presents opportunities to would-be business owners and entrepreneurs.

“I am personally excited about the program because I have seen what $5,000 can do. I am a local business owner and started my company five years ago with $5,000. I will gladly take the time to work with individuals and counsel them in ways that will give them the highest opportunity to be successful in their business ventures,” she said.

Funds from the loan can be used for inventory, working or start-up capital and equipment and other necessary items.

Additionally, Selbach said with the local economy on the mend, Nye County is a wise choice to start up a new business compared to other Silver State regions.

“The sales tax here is lower than some surrounding areas and is a good incentive for doing business here. Nevada’s tax climate is among the least burdensome in the country. The complete absence of many taxes found in many jurisdictions can significantly increase the bottom line to your business. Our state’s tax structure offers a business environment few states can match.”

Armstrong, meanwhile, said the service NCREDA offers is second to none for prospective business owners.

“Cassandra is amazing and she was very helpful at any moment of the day. She was always there to help us with any questions that we had regarding the next step that we needed to take. It can sometimes be overwhelming because there’s just so many steps you need to take and she was really on top of everything,” she said.

Gyspy Shack opened its doors April 1.

The shop offers an eclectic mix of metaphysical items and one-of-a-kind re-purposed furniture and accessories.

Selbach noted NCREDA does take into account exactly what type of businesses the grant will help fund.

“We take a careful look at what it is they are trying to do. Obviously, we want to support success and there is a series of initial meetings that we have with the client to help them with marketing strategies, business plans and licensing. Our main goal is to make sure that once they get the funds, they are going to succeed. If we find during those initial meetings, they are not set up for success, then we will counsel them to get them to a point where they are set up for success,” she said.

Gypsy Shack is located across from Saddle West at 1200 S. Highway 160, Suite 5 of the Charlotta Business Center.

NCREDA is located on the second floor of the Nevada State Bank building at 1301 S. Highway 160.

For more information on services, Selbach can be contacted by phone at 775-453-6196, or email atcselbach@DoingBusinessinNye.net.

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