WASHINGTON – Today, the U.S. Department of the Treasury announced that the Nevada Governor’s Office of Economic Development has been awarded more than $4 million to help small businesses in key sectors of the economy grow and hire through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).
Part of the Biden-Harris Administration’s economic agenda, this program provides funding to connect underserved and very small businesses to the financing needed to participate in key Investing in America supply chains, including electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, clean energy generation, and more. The SBOP was designed to catalyze additional private sector investment by supporting small business technical assistance services.
“The Biden-Harris Administration is committed to expanding access to capital and creating opportunities for entrepreneurs to grow their businesses in thriving sectors,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “With these resources, Nevada will be able to provide critical legal and financial services to small businesses, including to manufacturers, that are fueling Nevada’s booming clean energy economy.”
“Nevada’s small businesses are key to our economy, and I will always work to ensure they have the resources they need to succeed,” said U.S. Senator Catherine Cortez Masto. “This federal funding will help small businesses throughout our state access financing and support economic growth in Nevada, and I am proud to support it.”
“As Nevada’s economy continues to grow, it’s critical that we support our small businesses and entrepreneurs,” said U.S. Senator Jacky Rosen. “I’m glad to see millions of dollars are coming to our state to help small businesses flourish in industries like health care, clean energy, and advanced manufacturing. I’ll keep working across the aisle to get Nevada’s small businesses the resources and support they need.”
“By providing clean energy companies better access to capital, we are laying the groundwork for the Nevada economy of tomorrow. These funds will allow companies involved in clean energy generation, electric vehicle manufacturing, and semiconductor production to expand. Already 10,000 jobs have been created producing clean energy in Nevada and another 40,000 jobs are expected in the next 10 years. Investing in these businesses now means more opportunity and better-paying jobs for Nevadans in the future,” said U.S. Congresswoman Dina Titus.
“This federal funding is an important step forward in our goal to build a resilient and inclusive economy that works for all Nevadans,” said U.S. CongressmanStephen Horsford. “By investing in our small businesses through the State Small Business Credit Initiative, we empower entrepreneurs, especially in underserved areas, to create growth in sectors like clean energy and healthcare. This investment will not only support job creation but will also strengthen Nevada’s position as a leader in the clean energy economy, ensuring that our state’s economic future is bright and sustainable.”
“We are thrilled by being selected for this competitive SBOP award which will reinforce our Nevada SSBCI program in critical areas such as the acceleration of highly scalable startups, providing technical assistance for health care businesses, expanding a tribal entrepreneurial development program, and supporting small business manufacturers,” said Karsten Heise, Senior Director of Strategic Programs & Innovation at the Nevada Governor’s Office of Economic Development and SSBCI program manager. “We will be partnering again with the Nevada Small Business Development Center and utilizing their deep expertise in counseling our state’s small businesses. Furthermore, through its program design Nevada’s SBOP will strengthen Nevada’s leading CHIPS Act projects such as the NSF Engines and EDA Tech Hub.”
The Nevada Governor’s Office of Economic Development submitted this application, which was selected through a competitive process. Using this $4.2 million award and partnering with planned subrecipient Nevada Small Business Development Center (Nevada SBDC), Nevada will provide technical assistance services to both high growth potential companies and Main Street small businesses to reach very small and underserved businesses across the state. These services will help rural and Tribal businesses, startups, healthcare businesses, and advanced manufacturers (particularly those producing lithium batteries and other electric vehicle components) to access the legal, financial advisory, and accounting services necessary to apply for loan or investment support. This award will enable small business growth in Nevada which will power the state’s electric, innovative, and connected future. Partners in this initiative will include the Nevada SBDC, the Nevada Tech Hub, and the National Science Foundation Engines.
Selected jurisdictions will build or expand technical assistance programs focused on connecting very small and underserved businesses to financing available through SSBCI, or other state or federal small business programs, including in the infrastructure, manufacturing, clean energy, or climate resiliency space. Jurisdictions have been selected based on their plans to create innovative, high-impact models of small business technical assistance delivery that demonstrate a vision to improve access to capital for historically overlooked businesses across the nation.
The American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. Through the SSBCI Capital Program, Treasury has approved plans for small business financing programs totaling over $8.7 billion and representing every state and territory, the District of Columbia, and 280 Tribal governments.
In addition to today’s announcement, Treasury has announced the approvals of SSBCI Technical Assistance grants allocated by formula to states, the District of Columbia, territories, and Tribal governments, representing $145 million for 48 jurisdictions. Treasury anticipates additional approvals of applications to follow. See the full list of approved programs here.
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