More than $100 million approved for Nevada small businesses

RENO, Nev. (KOLO) - The U.S. Treasury has approved $112.9 million for Nevada’s State Small Business Credit Initiative.

The funding comes from the American Rescue Plan Act, which President Biden signed into law in March of 2021. Nevada will receive an initial tranche of $35 million.

“This level of funding will greatly increase our ability to help small businesses access capital needed to invest in job-creating opportunities in Nevada, which is a priority for me and for the Governor’s Office of Economic Development” said Governor Steve Sisolak. “I’m deeply grateful to the Interim Finance Committee giving this program its unanimous support last month. We will continue to do all we can to support our small businesses and support Nevadans.”

The money will be handed out with an emphasis on previously underserved communities, the Governor’s Office of Economic Development said in a press release.

Governor Sisolak’s office is targeting a release date for January 2023. For now, lenders can access the program’s website here.

The Small Business Credit Initiative will also add new programs, bringing its total to five. It will continue both its collateral support program, and venture capital program while adding three loan participation programs (LPPs): and a venture capital program.

These LPPs are expected to create more than 2,000 jobs, and include programs for energy and water improvements, debt support for small enterprises, and more.