FOR IMMEDIATE RELEASE
Contact: Evan Haddad
Public Information Officer
ehaddad@goed.nv.gov 775.684.9973
December 12, 2024
CARSON CITY, Nev. – The Nevada Governor’s Office of Economic Development’s (GOED) State Small Business Credit Initiative (SSBCI) technical assistance program has received another boost with the addition of the Small Business Opportunity Program, whose funding was approved today by the Nevada Legislature’s Interim Finance Committee.
In September, the U.S. Treasury selected Nevada as one of only 12 states and two tribal governments to receive more than $4 million to help small businesses in key sectors of the economy grow and hire through the Investing in America Small Business Opportunity Program, which is administered by SSBCI. These programs provide legal, accounting and financial advisory services to small businesses.
“We will be expanding our partnership with the Nevada Small Business Development Center for SSBCI technical assistance delivery,” said Karsten Heise, senior director of strategic programs and innovation at GOED who wrote the successful application and serves as Nevada’s SSBCI program manager. “With the new Small Business Opportunity Program, we will broaden our impact and be able to add new key strategic components such as health care businesses, expanding a tribal entrepreneurial development program, and supporting small business manufacturers to our existing SSBCI technical assistance service range.”
“Through experience in assisting small businesses and administering the annual statewide Small Business Challenges Survey, in its third year, we know that securing financing continues to be the main challenge for 70% of new and 25% of existing Nevada small business owners,” said Winnie Dowling, Nevada Small Business Development Center’s state director. “This grant will expand efforts to assist health care businesses and small manufacturers in securing funding. The Nevada Small Business Development Center will also provide small business training and advising for three Nevada Native Nations, with the goal to increase business development. This program will help fund needed individual assistance and training for the Small Business Development Center and its partners to better prepare Nevada’s entrepreneurs for the long term.”
GOED, in partnership with subrecipient Nevada Small Business Development Center, will provide technical assistance services to both high-growth potential companies and Nevada Main Street to reach 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 a 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 Small Business Development Center, the Nevada Tech Hub and the National Science Foundation Engines.
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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
On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. The Governor’s Office of Economic Development (GOED) oversees the Nevada SSBCI Program. It is operated by Nevada Battle Born Growth Escalator, Inc. a corporation for public benefit and 501(c)(3) non-profit created by GOED in 2016.