Funding to Strengthen Small Business Growth and Startup Innovation
CARSON CITY, Nev. — Nevada’s Governor’s Office of Economic Development (GOED) has secured an additional $38.5 million from the U.S. Department of the Treasury through the State Small Business Credit Initiative (SSBCI), significantly expanding access to capital for small businesses, startups, and innovation-driven companies across the state. The latest disbursement marks the second funding tranche for Nevada’s Battle Born Growth program and comes after the state exceeded every federal deployment benchmark.
The new funding strengthens Nevada’s position as a national leader in small business support, entrepreneurship, venture capital deployment, and inclusive economic development — making it one of the most impactful SSBCI programs operating in the United States.
Nevada Exceeds Federal Targets, Unlocks Additional SEDI Funding
To qualify for the second tranche, Nevada had to deploy at least 80% of its initial $35 million allocation. The state exceeded expectations by fully deploying its first tranche and reaching 68% support for Socially and Economically Disadvantaged Individual (SEDI)-owned businesses — far above the federal requirement of 48.85%.
That achievement unlocked an additional $3.6 million SEDI incentive, further expanding the pool of capital available to underserved entrepreneurs.
“Small businesses remain the backbone of Nevada’s economy,” said Governor Joe Lombardo. “This new SSBCI funding helps ensure that innovators, entrepreneurs, and local business owners — especially those in underserved communities — have the capital they need to start, grow, and thrive.”
Battle Born Growth: A Comprehensive Capital Program for Nevada’s Economy
GOED’s Battle Born Growth program provides a full suite of financing tools designed to support businesses at every stage of growth, including:
- Microloans
- Traditional bank loans and loan guarantees
- Collateral support
- High-risk venture capital investments
These tools ensure that both traditional small businesses and high-growth, innovation-driven startups can access the capital they need to scale operations, hire workers, expand manufacturing, or bring new technologies to market.
“Battle Born Growth enables Nevada to support everything from main-street businesses to cutting-edge technology firms,” said Tom Burns, GOED Executive Director. “Our success is a result of dedicated teams across GOED, NBBGEI, and our venture and lending partners.”
Driving Long-Term Economic Development and Innovation
Nevada’s SSBCI strategy is designed to be evergreen, with reinvestments projected to span 20 to 30 years, far beyond the federal program’s 10-year horizon.
During the first phase, the state deployed $25 million in venture capital, targeting high-growth sectors such as:
- Clean energy & battery technology
- Advanced manufacturing
- Artificial intelligence
- Software & technology innovation
“In phase two, we expect even stronger alignment between Battle Born Growth and Nevada’s statewide economic development strategy,” said Karsten Heise, Senior Director of Strategic Programs and Innovation at GOED.
Expanding Entrepreneurial Access Across Nevada
Through its Office of Entrepreneurship, GOED aims to reach businesses in rural, urban, and underserved communities, ensuring equitable access to financing and technical support.
“Access to capital continues to be one of the biggest challenges for Nevada’s small businesses,” said Melissa Saavedra, Director of the Office of Entrepreneurship. “Battle Born Growth directly addresses that need by unlocking private investment and delivering flexible financing solutions statewide.”
The Nevada Small Business Development Center (SBDC) plays a key role by offering training and technical assistance to help entrepreneurs build strong financial profiles and qualify for loans.
NBBGEI: Supporting Access to Capital and Inclusive Growth
Nevada Battle Born Growth Escalator, Inc. (NBBGEI), a 501(c)(3) public-benefit corporation, administers the SSBCI capital programs statewide.
“These investments are more than just funding — they are the building blocks for Nevada’s next generation of entrepreneurs,” said Mendy Elliott, CEO of NBBGEI. “We are committed to ensuring this capital reaches the small businesses powering Nevada’s economic resilience.”
Impact on Economic Development and Regional Growth
For states seeking to compete in today’s high-growth economy, Nevada’s SSBCI performance demonstrates the impact of:
- Leveraging federal and private capital effectively
- Investing in innovation-driven enterprises
- Prioritizing underserved and SEDI-owned companies
- Strengthening statewide entrepreneurial ecosystems
This model aligns with key themes across U.S. economic development: equitable access to capital, high-growth sector development, and long-term local resilience.
How to Access Funding or Support
- Business Financing (Battle Born Growth): https://nvsmallbiz.org/
- Lenders & Financial Institutions: info@nvsmallbiz.org
- Small Business Technical Assistance: https://nevadasbdc.org/ssbci/#ssbcisupport
About GOED
The Governor’s Office of Economic Development drives business expansion, investment attraction, entrepreneurship, and community development across Nevada.
About SSBCI
The State Small Business Credit Initiative is a nationwide federal program providing nearly $10 billion to strengthen small businesses, boost entrepreneurship, and drive local economic growth.
About Nevada Battle Born Growth Escalator, Inc.
NBBGEI administers Nevada’s SSBCI program, supporting startups, small businesses, and underserved founders through capital investment and lending partnerships.
