FOR IMMEDIATE RELEASE
Contact: Gregory Bortolin, Director of Communications
grbortolin@goed.nv.gov (775) 687-9917
October 17, 2023
The Nevada Governor’s Office of Economic Development (GOED) is calling on underbanked and underfunded small businesses across the state, including Hispanic-owned small business, to apply and take advantage of this program following the successful completion of its first set of loan applicants for its Battle Born Growth Microloan Program (BBGMP). There is $5.3 million in loans available to Nevada small businesses in this first tranche of the program and up to $15.9 million over all three tranches.
According to the Small Business Development Center (SBDC), nearly half of all small businesses in the state struggle to get loans, and nationally, Hispanic-owned businesses receive significantly smaller loan sizes on average compared to non-Hispanic-owned businesses. GOED encourages these small businesses to apply for the BBGMP even if they have not had success securing a loan before.
According to the Small Business Development Center (SBDC), nearly half of all small businesses in the state struggle to get loans, and nationally, Hispanic-owned businesses receive significantly smaller loan sizes on average compared to non-Hispanic-owned businesses. GOED encourages these small businesses to apply for the BBGMP even if they have not had success securing a loan before.
The BBGMP offers flexible, fixed-rate loans up to $250,000 to Nevada-based companies with 100 or fewer employees and $5 million or less in annual revenue that have been in business for at least one year. The BBGMP loans can be spent in many ways. Business owners can use it to buy equipment or inventory, improve a location or open a new one, cover payroll and hiring, and other business expenses – with a few exceptions. The loan cannot be used for real estate investments or to support the gambling industry.
The program’s lenders are Community Development Financial Institutions (CDFIs), nonprofit lenders with a long history of providing Nevada’s minority and woman-owned small businesses with access to affordable capital. These lenders work with small businesses through every step of the application process. GOED also partners with SBDC to help businesses get loan-ready, even if they aren’t there now. Business counseling is free and can be provided in Spanish and many other languages.
“For business owners who have had difficulty getting a traditional bank loan, the BBGMP program may be right for them,” said Karsten Heise, Senior Director of Strategic Programs & Innovation at the Nevada Governor’s Office of Economic Development. “If your business is ready to expand and scale, we urge you to apply and take advantage of the program and the free business counseling. We are also asking banks that reject small business loan applications to refer those businesses to our program.”
“I strongly encourage Hispanic-owned businesses to apply for the BBGMP,” said Anabel Navarro, SBDC Southern Nevada Area Regional Manager. “This flexible loan option could be the boost you need to grow your business.”
GOED encourages Nevada businesses that meet the BBGMP criteria, including Hispanic-owned businesses, to learn more and apply at nvmicroloans.org.
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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.