HRV received an allocation of Nevada State New Markets Tax Credits totaling $11.8 million and joined with Advantage Capital and a consortium of Community Development Entities to implement a revolving business loan fund. HRV has made loans to four businesses seeking to consolidate debt, acquire working capital to retain employees during the COVID-19 pandemic and position themselves for future growth.
Maverick Helicopter: HRV provided $2.5 million as part of a total loan package of $7.5 million. The loan will allow this family-owned business to continue its successful touring services, while retaining its 300-plus employees.
Precision Opinion: The total loan of $6.3 million from three Community Development Entities included $2.1 million from HRV. The loan will allow this polling and research firm to retain its 500-plus employees while moving to hire an additional 350 employees during the next three years.
Las Vegas Expo: HRV loaned this convention and marketing firm $2.6 million to combine with another lending partner to form a total loan amount of $5 million. With convention activity hit especially hard by COVID-19, this loan will allow Las Vegas Expo to retain a large portion of its employees while positioning itself to return to pre-pandemic employment levels in the future.
Polar Shades: HRV provided a loan of $2.8 million as part of a total loan of $4,250,000. Polar Shades has benefited from one positive impact of the COVID-19 pandemic: the high number of families who have been at home and pursued home improvements, especially in outside seating areas that require quality shading equipment. Polar Shades has maintained its employment rolls throughout the pandemic and has increased its full-time jobs from 70 to over 90, while anticipating additional hiring of 30 more positions.