Nevada’s State Small Business Credit Initiative (SSBCI) received another boost as the state was among the first three states funded for its Technical Assistance Program (TA).
The Governor’s Office of Economic Development which oversees the state’s SSBCI Program will partner with the Nevada Small Business Development Center (SBDC) which will assist small businesses with credit counseling, financial statements and general business guidance. Although the program’s goal is to reach all eligible business owners across Nevada, the TA program encourages eligible small businesses that are at least 51 percent owned by individuals who certify that they belong to a group that has faced historical and/or systematic barriers to accessing credit to apply.
While GOED is still awaiting approval from the Interim Finance Committee which will not occur before October 9, 2023, small businesses are encouraged to reach out to the SBDC and explore free assistance. Especially, small businesses interested in applying to the SSBCI Microloan Program for financing of less than $250k should reach out. This can be done online at: https://nsbdc.ecenterdirect.com/signup
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
About the State Small Business Credit Initiative
On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. The Governor’s Office of Economic Development (GOED) oversees the Nevada SSBCI Program. It is operated by Nevada Battle Born Growth Escalator, Inc. a corporation for public benefit and 501(c)(3) non-profit created by GOED in 2016.
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