The principal responsibilities of VCOZ are twofold. Business Capacity Building: raising the competency level of our clients though formal training, seminars, workshops, and one-on-one mentoring, normally in areas beyond their business specialty; Funds: direct business funds for specific purposes, e.g., signage, property improvement, capacity-building, capital equipment purchase, job creation and/or loan-levering funds to meet the bank’s owner’s capital injection requirements for larger commercial loans. Below requirements can be waived or adjusted by a vote of the Board. At the moment, $12,000 is the maximum amount available for a grant.
- Bank loan approval/significant owner’s investment
- Blighted area or redevelopment area improvement
- Strong indicators of job creation or other measurable economic impact
Preference may be given to businesses locating in the designated redevelopment areas of the Cities of Las Vegas and North Las Vegas and for businesses rehabilitating and remodeling older properties.