For the growth of small businesses in Nevada, an initiative to lend millions of dollars has been approved as stated by Republican Gov. Brian Sandoval and U.S. Department of Treasury. The initiative is termed as the ‘State Small Business Credit Initiative’ and it is meant to support the state level small business lending programs.
‘State Small Business Credit Initiative’, SSBCI, is part of the $30 billion Small Business Jobs Act. It is significant to have access to funding through this initiative as it is going to help businesses see growth and create jobs for Nevadans. The State of Nevada can avail $13.8 million SSBCI money under the Small Business Jobs Act Program. This allocation is expected to support over $138 million for lending out to businesses operating in Nevada.
Nevada Commission on economic development will utilize this fund for extending support to the ‘Nevada Micro-enterprise Initiative’ and ‘Nevada Collateral Support Program’. Statewide, the potential job growth is estimated at 1,035 with emphasis laid on sectors like construction, utilities, manufacturing, and health services. The commission also introduced ‘Nevada Collateral Support Program’ to make $13.3 million available to Nevada State for the direct use by business owners. This program is going to help borrowers lacking in collateral. ‘Nevada Microenterprise Initiative’ is meant to support development of small businesses having five or fewer employees.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com