Founded in April by childhood friends who are now local business owners, Reno Rebuild Project captures a portion of every dollar spent at certain local restaurants and puts it into a fund that will eventually help others open a business.
RenoRebuild Guys – photo by Reno Gazette-Journal
Michael Connolly, Chris Kahl and Zachary Cage run the Legends Grill, Sierra Tap House and the soon-to-open Brewer’s Cabinet started Reno Rebuild. The group pledged 5 cents of every sale at these establishments to the fund.
They made their fist deposit into the account on May 1.
“We have a current cash balance collected of $5,485.55! It is definitely a great start with our goal being $20k for 2013, so we are on a great pace,” said Michael Connolly.
After a year of deposits, the fund will be used to award one loan to non-franchised, small, local businesses. The Community Foundation of Western Nevada, which is helping make the Reno Rebuild Project a non-profit organization, will administer the fund and help establish eligibility guidelines. One guideline already set: Each application must include a detailed business plan.
As the fund grows, the trio hopes to award more than one low-interest loan per year.
Reno Rebuild grew out of the trio’s struggle to get funding to start their own venture. Banks and other traditional sources simply wouldn’t lend, so they tapped into family and friends for financing. Realizing that not everyone has family and friends who can provide such support, they developed Reno Rebuild to extend a hand to other entrepreneurs.
“Someone just needs to give them the opportunity to meet their goal if they want to open their own business,” Kahl said. “It’s a cool opportunity for them.”
Other businesses have already expressed interest in participating in the program.
“We also structured it to where other business owners and individuals in general can put money in,” Connolly said.
Find out more at www.renorebuild.com