FOR IMMEDIATE RELEASE
Contact: Evan Haddad
Public Information Officer
ehaddad@goed.nv.gov 775-684-9973
March 18, 2026
Carson City, Nev. – Governor Joe Lombardo and the Governor’s Office of Economic Development (GOED), in partnership with the Nevada Battle Born Growth Escalator, Inc., is announcing today that GenuBank is again the Governor’s 2025 State Small Business Credit Initiative (SSBCI) Bank of the Year.
This annual recognition highlights a Nevada lender for demonstrating exceptional efforts of engagement with the GOED-administered SSBCI program to improve Nevada’s small businesses’ access to capital.
Governor Lombardo presented executives from GenuBank their award in a ceremony held in the Governor’s Office with representatives from GOED, the Nevada Bankers Association and Nevada Battle Born Growth Escalator, Inc.
“Expanding access to capital helps Nevada’s small businesses move their ideas forward, creating opportunity across Nevada,” said Governor Lombardo. “Through its partnership with GOED’s SSBCI program, Battle Born Growth, GenuBank is helping ensure more entrepreneurs have the resources they need to build successful businesses and strengthen Nevada’s economy.”
The SSBCI program, reauthorized through the American Rescue Plan Act of 2021, provides states with federal funds to strengthen small business lending and investments into startups. The program has provided collateral support for revolving lines of credit, standby letters of credit, owner-occupied real estate loans, and working capital facilities for small businesses. Under Nevada SSBCI program guidelines, eligible credit facilities may total up to $20 million, with SSBCI participation capped at $5 million per transaction.
“GOED has just secured $38.5 million of second tranche funding for the SSBCI Program,” said Karsten Heise, senior director of strategic programs & innovation and SSBCI program manager. “Nevada’s SSBCI stands ready to keep supporting our state’s small businesses with programs ranging from collateral support to participation in loans which are designed to reduce lending risks and we encourage all of our banks to engage with us.”
In 2025, GenuBank granted $6.26 million in SSBCI loan transactions. The bank used $3.7 million in SSBCI funds to support those loans, assisting a variety of Nevada-based businesses ranging from contractors and financial advisors to medical professionals. This lending helped protect and create 49 jobs.
“GenuBank is honored to be recognized as the 2025 State Small Business Credit Initiative (SSBCI) Bank of the Year. This award reflects our unwavering commitment to expanding access to capital and supporting the growth of Nevada’s small business community,” said GenuBank President Jason Naugle. “We are proud to partner with the Nevada SSBCI Program in advancing opportunities for entrepreneurs and strengthening the economic foundation of our state.
This recognition highlights the dedication of our entire team, whose focus on responsiveness, innovation, and customer partnership has helped empower small businesses across Nevada. We remain committed to continuing this work and helping local businesses thrive.”
As Nevada continues deploying SSBCI funding, GenuBank sets the standard for mission-aligned lending. The bank’s leadership shows how banks and credit unions can help Nevada small businesses bridge capital access gaps.
“Nevada’s banks are proud to partner with the Governor’s Office of Economic Development and the SSBCI program to leverage this powerful tool,” said Phyllis Gurgevich, president and CEO of the Nevada Bankers Association. “Earning back-to-back Governor’s SSBCI Bank of the Year awards not only honors GenuBank for their leadership, it demonstrates that when a bank recognizes the power of the SSBCI program, the positive results for Nevada’s small businesses, employment and economic growth multiply
Nevada’s deployment of funds through SSBCI works directly with Nevada financial institutions to provide both debt enhancement and equity investment to support small businesses at different stages of growth. Debt enhancement mechanisms include loan participation and collateral support, while equity support is provided through venture capital investments.
“At Nevada Battle Born Growth Escalator Inc., our mission is to expand access to capital and create pathways for Nevada entrepreneurs to grow and succeed,” said CEO Mendy Elliott. “Our partnership with the Governor’s Office, GOED and lenders like GenuBank is critical to delivering on that mission. Their leadership and proactive engagement with the SSBCI program exemplify how financial institutions can make a meaningful impact by helping small businesses overcome barriers to capital and scale their operations. We are proud to work alongside all of our partners who are driving real economic opportunity across Nevada.”
For more information about SSBCI programs in Nevada, visit: www.nvsmallbiz.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.
About the State Small Business Credit Initiative
The State Small Business Credit Initiative (SSBCI) is a nearly $10 billion program to support small businesses and entrepreneurship in communities across the United States by providing capital and technical assistance to promote small business stability, growth, and success. SSBCI represents a transformational investment in American small businesses and is expected to catalyze up to $10 of private investment for every $1 of SSBCI Capital Program funding to increase access to capital to small businesses and entrepreneurs, including those in underserved communities. Nevada’s SSBCI Program, “Battle Born Growth”, is overseen by the Governor’s Office of Economic Development (GOED).
Nevada Battle Born Growth Escalator, Inc. (NBBGEI)
A Nevada-based 501 (c)(3) nonprofit corporation created in 2016 by the Nevada Governor’s Office of Economic Development (GOED) to promote, aid and encourage economic development across the state. NBBGEI operates Nevada’s federal and State Small Business Credit Initiative (SSBCI) program, under contract from GOED, to support high growth startups, small and medium-sized businesses, and underserved entrepreneurs.