FOR IMMEDIATE RELEASE
Contact: Evan Haddad
Public Information Officer
ehaddad@goed.nv.gov 775.684.9973
May 14, 2025
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 proud to announce GenuBank as the Governor’s 2024 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.
“Supporting our state’s small businesses is a top priority for my administration, and GenuBank has set the standard for what it means to be a true partner in this initiative,” said Governor Joe Lombardo. “I hope that other lenders will take inspiration from GenuBank’s example and engage with SSBCI to provide essential capital to our small businesses, driving economic growth and job creation throughout our state.”
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 SSBCI Program is a highly effective federal program to provide small businesses which form the backbone of Nevada’s economy with much needed capital,” said Karsten Heise, senior director of strategic programs & innovation and SSBCI program manager. “The SSBCI program is unique in the sense that it does not solely provide loans or investments to small businesses and startups but unlocks private financing. SSBCI always represents a smaller portion of the total capital provided which makes it essential that private lenders such as GenuBank engage with our program. Without regional and local banks partnering with us we will not be able to get these federal dollars to Nevada’s businesses and where they are needed most.”
In 2024, GenuBank completed over $8.5 million in SSBCI-supported loans, assisting a wide array of Nevada-based businesses, ranging from early-stage manufacturers to rural service providers. This lending helped protect and create 300 jobs.
“We are honored to receive this recognition,” said GenuBank President John Dru. “At a time when many small businesses face increasing challenges to secure financing, SSBCI has allowed us to say yes more often — to ideas, to innovation, and to economic inclusion.”
As Nevada continues to deploy its remaining SSBCI funding, GenuBank sets the standard for mission-aligned lending. The bank’s leadership shows how banks and credit unions can play a pivotal role in bridging capital access gaps.
“Nevada’s banks are proud to partner with the Governor’s Office of Economic Development and the SSBCI program to expand access to capital for small businesses,” said Phyllis Gurgevich, president and CEO of the Nevada Bankers Association. “Programs like SSBCI help bridge lending gaps and unlock opportunity. The Governor’s SSBCI lender award not only honors banks like GenuBank for their leadership — it also reminds lenders and borrowers alike to take full advantage of these powerful tools for economic growth.”
For more information about SSBCI programs in Nevada, visit: www.nvsmallbiz.org.
Banks, credit unions and other lenders are encouraged to reach out to SSBCI via info@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.