Frequently Asked Questions 

General

Who is the Audacity Institute?

What is the City of Reno Small Business Relief Fund for Minority and Women-Owned Businesses?

What are the terms of the financial assistance program? Is this a grant? Do I have to pay back the funding or give up ownership?

ELIGIBILITY

 

Who is eligible for the financial relief program? Do I qualify?

How do you define Women and Minority or Women Owned Businesses?

What types of businesses are eligible to apply for assistance?

What types of businesses are not eligible for the program?

What types of business entities can apply?

We’re a nonprofit, can we apply for funding?

Can I apply if I have a home-based business?

Can independent contractors or “gig economy workers” apply?

Can I apply if I don’t run payroll?

Can I apply if I don’t have full-time employees?

Can I apply if I am a seasonal business?

If I applied for the first round of funding through the City of Reno can I apply for the this program?

If I own a restaurant or bar, can I apply for this program?

I have a current City of Reno business license, but my business is located outside of city limits? Can I apply?

My City of Reno business license expired, can I apply?

I have applied for City of Reno business license fee deferral but have not yet be approved, can I apply?

My business has had a City of Reno code violation in the past, can I apply?

My restaurant has a cabaret license for live music, can I apply?

My business has been open less than a year, can I apply?

APPLICATION PROCESS

 

When do applications open? Close?

What documents do I need to submit an application?

I have an ITIN number can I apply?

How long will the application process take?

What languages is the application available in?

Can I submit a paper application?

When will the money be dispersed?

How do you determine how much financial assistance my business will receive?

FOR MORE INFORMATION

 

Who can I contact if I have questions about the application?

Will there be an informational session?

 

GENERAL

 

Who is the Audacity Institute? 

 

The Audacity Institute was created to build vibrant and inclusive local economies by providing funding, education, and support to business owners from underserved populations. Audacity Institute partnered with the Community Foundation of Western Nevada to launch the Audacity Fund Reno, a targeted $2 million fund investing appropriate capital in the greater Reno region’s Mainstreet and Tech companies with underrepresented founders. 

What is the City of Reno Small Business Relief Fund for Minority and Women-Owned Businesses?

 

The City of Reno Small Business Relief Fund for Minority and Women-Owned Businesses is a financial relief program funded by the City of Reno with funds received from the Coronavirus Relief Fund of the CARES Act.   Audacity Institute will oversee administration of financial assistance of awards up to $20,000 to businesses owned by community members from underrepresented groups.    

 

What are the terms of the financial assistance program? Is this a grant? Do I have to pay back the funding or give up ownership? 

 

The financial assistance program is a one time disbursement of awards up to $20,000.  Similar to a grant, companies do not have to pay back the funding.  This is not a loan, so there is no repayment schedule or interest payment.  There is no equity involved and business owners will retain their ownership.

 

 

ELIGIBILITY

 

Who is eligible for the financial relief program? Do I qualify?

 

The program is intended for small businesses with less than $2 Million in annual revenue and less than 20 employees. Eligibility is contingent on the following criteria:

 

  • Current City of Reno business license

  • Business physically located within the City of Reno

  • At least 51% women or minority or women owned 

 

How do you define Women and Minority or Women Owned Businesses?

 

For a women-owned business the majority (at least 51%) of the company is owned and run on a daily basis by a woman or person identifying as a woman.

 

For a minority-owned business the majority (at least 51%) of the company is owned and run on a daily basis by a member (or collection of members) of 5 ethnic or racial groups: 

  • Black/ African American

  • Asian American

  • Latino/ Hispanic American

  • Indigenous/ Native American

  • Native Hawaiian or other Pacific Islander

 

What types of businesses are eligible to apply for assistance?

 

Home based businesses, brick and mortar and ecommerce companies are welcome to apply.

 

 Examples of businesses that may qualify for funding (this is not meant to be a complete list) 

 

  • Retail - bookstores, music, clothing, gifts, shoe stores, cooking supplies, other specialty shops

  • Spa and beauty - hair salons, barber shops, nail, lash, skin care, estheticians, massage therapists

  • Health and wellness - gyms, yoga studios, personal trainers, pilates studios, aikido, dance studios 

  • Food and Beverage - bakeries, cafes, food trucks, juice bars, coffee shops, tea houses, bagel shops, restaurants, bars, 

  • Travel related businesses- travel agents, bed and breakfasts, tour guides, motels, 

  • Wedding and events - florists, photographers, DJ, stationary, bridal stores, caterers, concessions

  • Children’s activities - child care centers, summer camps, dance, gymnastics, martial arts, swim

  • Specialty education - music lessons, language lessons, cooking classes, crafting

  • Pet care industry - dog walkers, boarders, groomers

  • Auto - body shops, car wash/detailing services, window tinting and repair, car stereo installation

  • Home services - landscaping, electricians, plumbers, roofers, HVAC, carpet installation, painters

  • Independent contractors - housekeepers, nannies, tutors, elder care, bookkeepers, translators, court recorders, notary publics, organizers

  • Local convenience stores 

  • Garment based industry due to supply chain disruption

  • Non essential medical - dentist, therapists


What types of businesses are not eligible for the program?

  • Adult interactive cabaret businesses

  • Cannabis related businesses

  • Liquor stores

  • Massage Parlors

  • Smoke, vape or cigarette shop

  • Bail bonds/ Check cashing facilities/ Payday loan and other short-term loan operators

  • Casinos

  • Businesses with more than 20 employees (full-time equivalent)

  • Businesses with more than $2 Million in annual revenue

  • Businesses that are less than 51% women or minority owned

  • Businesses not physically located within Reno

  • Businesses without a current City of Reno business license

 

What types of business entities can apply?

 

This program is for for-profit businesses. Non-profit organizations are ineligible for funding.  Businesses structured  as sole proprietorships, LLCs or corporations (C-Corp, S-Corp, B-Corp), are eligible to apply.  

 

We’re a nonprofit, can we apply for funding?

 

No, the financial relief program is for for-profit businesses, non-profit organizations are ineligible.

  

Can I apply if I have a home-based business?

 

Yes, as long as your physical business address is located within the City of Reno.

 

Can independent contractors or “gig economy workers” apply?

 

You may apply if you hold a current City of Reno business license and file (or will file) a Schedule C on your Federal Tax Returns.

 

Can I apply if I don’t run payroll?

 

Yes, you may apply if you meet all other eligibility requirements.

 

Can I apply if I don’t have full-time employees?

 

Yes, you may apply if you meet all other eligibility requirements.

 

Can I apply if I am a seasonal business?

 

Yes, you may apply if you meet all other eligibility requirements.


If I applied for the first round of funding through the City of Reno can I apply for this program ?

 

Yes, if you meet the eligibility criteria and were not awarded funding or received less than the maximum award of $20,000.  Businesses may not receive more than $20,000 in total funding.

 

If I own a restaurant or bar, can I apply for the this program?

 

Yes, if you meet the eligibility criteria and were not awarded funding or received less than the maximum award of $20,000 from the first round of funding through the City of Reno.  Businesses may not receive more than $20,000 in total funding.

 

I have a current City of Reno business license, but my business is located outside of city limits? Can I apply?

 

No, you must have both a current City of Reno business license and a physical business address located in city limits.  (Home based businesses are ok within the City of Reno).

 

My City of Reno business license expired, can I apply?

 

Your business license must be current as of 2 Oct 20 to be eligible. If your business has applied for a fee deferral and it was granted by the City of Reno Business License Division you are eligible for funding.  If your business license has expired and has not been renewed by 2 Oct 20 and you have not filed for fee deferral, you are ineligible to apply.  

 

I have applied for City of Reno business license fee deferral but have not yet be approved, can I apply?

 

If your business has applied for a fee deferral and is waiting for approval from the City of Reno Business License Division you may be eligible for funding.  If awarded financial assistance, you will need to have received approval for fee deferral prior to receiving an award.

 

My business has had a City of Reno code violation in the past, can I apply?

 

The City of Reno has deemed businesses with an open code violation as ineligible for the program; however, once the code violation has been resolved your business may be eligible for funding.

 

My restaurant has a cabaret license for live music, can I apply?

 

Businesses with a cabaret license for live entertainment with amplified music as defined in the Reno municipal code section 5.07.011 are eligible to apply.  Only businesses with adult interactive cabaret license (for exotic dance performances) are ineligible for funding

 

My business has been open less than a year, can I apply?

 

Yes, you are eligible to apply if your business was opened prior to March 15, 2020. 



 

APPLICATION PROCESS

 

When do applications open? Close? 

 

Applications open at 9AM September 21st and close at 11:59 PM October 2nd. For more information and to apply: www.audacityinstitute.org/funding 

 

What documents do I need to submit an application?

  • City of Reno business license number

  • City of Reno Vendor Verification Form

  • W-9 form 

  • Profit & Loss Statements for April - August 2019 and April – August 2020 

             OR 

       Bank Statements for April - August  2019 and April - August  2020

 

    *If open less than a year, P&L from business opening date to Aug 31 OR Bank Statements from business opening date to Aug 31.

 

I have an ITIN number can I apply?

 

Applicants must include their Taxpayer Identification Number (TIN).  According to the IRS, you may use one of the following

  • Social Security Number "SSN"

  • Employer Identification Number "EIN"

  • Individual Taxpayer Identification Number "ITIN"

  • Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"

  • Preparer Taxpayer Identification Number "PTIN"

 

What financial documents are required? If I don’t have accounting software can I apply?

Yes, for financial documents you can either provide your Profit & Loss Statements for April - August 2019 and April – August 2020 (a printout from Quickbooks, wave, or other financial software) OR you can provide a copy of your full bank statements for April – August 2019 and April – August 2020.  We are looking for decreased revenues from this time period last year to this year. If were not yet in business in April – August 2019, provide your Profit & Loss Statement from business opening to August 31, 2020 or your bank statements from business opening to August 2020.

 

How long will the application process take?

 

If you have all the documents in place, the application process should take approximately 30 minutes to answer the questions.

 

What languages is the application available in? 

 

English and Spanish

 

Can I submit a paper application?

 

Yes, you can download a PDF of the application and write in answers to the questions. You can take a photo of your application and submit to info@audacityinstitute.org or text to 775- 470-7789.  You may deliver the paper application and drop off in person at the front desk at the UNR Innevation Center located at 450 Sinclair St.

 

When will the money be dispersed?

Awards will be announced the week of October 19th and the City of Reno will disburse awards the first week of November. 

How do you determine how much financial assistance my business will receive?

After the application period has closed, applications will be reviewed for eligibility and will be scored, ranked and awarded based on eligibility, need, COVID impact, and likelihood of business continuation. The scoring will also consider whether the business has received assistance through the U.S. Small Business Administration Economic Injury Disaster Loan Program or Payroll Protection Program, or the CIty of Reno CARES general fund. Allocation of funding to awardees will be based on need, impact and available funding.

 

FOR MORE INFORMATION

Who can I contact if I have questions about the application?

 

Application support is available in English and Spanish during regular business hours by phone at 775-470-7789 x 103, or by email at info@audacityinstitute.org

 

Will there be an informational session?

 

Audacity Institute will be hosting informational sessions on September 21st at 12PM noon in English and at 5 PM in Spanish on Facebook www.facebook.com/audacityinstitute.  We will be accepting questions via the live chat and DM.  A second questions and answers session will be on Monday September 28th at 12PM noon in English and 5 PM in Spanish.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

450 Sinclair St

Reno, NV 89501

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