Business Beat: Farmers Markets A Lifeline During Pandemic, Reno Fintech Firms See Boost Last Year
Here’s the latest business news from around Northern Nevada, with Business Beat from the Northern Nevada Business Weekly.
Small Business Loan Program Seeing Increased Demand, Delays
As the economy continues to rebound from the impacts of the pandemic, many businesses are looking for lower-cost options to cover expenses. One option is an SBA 504 loan, but you might have to wait longer than usual.
The Nevada State Development Corporation is the state’s largest provider of SBA 504 loans, and its president says demand rose during the pandemic, especially once the federal government rolled out coronavirus relief programs, like the Payroll Protection Program.
The loans provide long-term financing for up to $5 million for real estate, equipment and other fixed assets.
Typically, the process takes three to five days, but now, it’s more like 20 working days.
Farmers Markets Offered Lifeline For People, Producers During Pandemic
There weren’t a lot of places we could go safely during the peak of the COVID-19 pandemic, but farmers markets offered people a way to get out of the house.
Shirley Sponsler has been managing farmers markets in Reno for nearly three decades. She told the Northern Nevada Business Weekly that farmers markets grew in popularity last year partly because of supply chain delays and panic buying from the pandemic.
Farmers markets were also a lifeline for local producers, who were without typical large orders from local restaurants.
Reno Fintech Firms See Increased Demand During Pandemic
Last year, many people turned to more digital services, like grocery delivery and online shopping, and that’s been good for Reno-based financial technology firms serving those needs.
One example is Zibo, which offers a banking and payment platform for independent landlords. It received millions in seed funding last year after the pandemic increased its use. The company expects to generate $1 million in revenue by the end of this year.
Kaleb Roedel is a KUNR contributor and reporter with the Northern Nevada Business Weekly. For more business news, check out the Northern Nevada Business Weekly at nnbw.com or in print on Wednesdays.