FOR IMMEDIATE RELEASE
Contact: Gregory Bortolin, Director of Communications
grbortolin@goed.nv.gov (775) 687-9917
October 25, 2023
CARSON CITY, Nev. – Nevada’s Small Businesses seeking capital will be able to obtain further support with accessing financing from Nevada’s State Small Business Credit Initiative (SSBCI) via its newly launched Technical Assistance Program in a partnership with the Nevada Small Business Development Center (SBDC).
The program will focus on providing technical assistance to businesses owned and controlled by socially and economically disadvantaged individuals owned businesses as well as very small businesses (VSB) with fewer than 10 employees including independent contractors and sole proprietors.
“We are thrilled by partnering with the Nevada SBDC and utilizing their deep experience, track record, and expertise in counseling our state’s small businesses and help them thrive,” said Karsten Heise, Senior Director of Strategic Programs & Innovation at the Nevada Governor’s Office of Economic Development and SSBCI administrator.
This program will closely tie to the SSBCI Microloan and venture capital components. “Especially, businesses owners and entrepreneurs looking for financing of less than $250,000 should reach out to their nearest SBDC Office or online,” Heise said.
Nevada’s Technical Assistance Program concept was particularly well received by US Treasury’s reviewers resulting in Nevada being included among the first three states obtaining approval and funding. The Nevada Legislature’s Interim Finance Committee approved $2 million in funding for this program earlier this month.
“Through experience in assisting clients and from a 2023 statewide survey, we know that securing financing is one of the main challenges for seventy per cent of new and for a third of existing small business owners. The SBDC can help with a plan to establish and repair credit and manage cash flow such as paying bills, paying employees, paying vendors”, said Winnie Dowling, SBDC’s State Director. “This program will help fund needed individual assistance and training for the SBDC and its partners to better prepare Nevada’s entrepreneurs for the long term”.
The Nevada SBDC delivers a wide variety of technical assistance to Nevada’s small businesses through a 12-office network. This economic and community development collaborative is one of a large national network funded by the U.S. SBA and leveraged by Nevada’s universities and state and local partners. Typical services include help with legal formation, obtaining financing, business planning, managing cash flow, and other assistance so small businesses have a support team. GOED’s SSBCI partnership with the Nevada SBDC dates to 2013 and continues with the newly authorized program.
The SSBCI Technical Assistance program will also work with the Office of Small Business Advocacy (OSBA) of the Office of the Lieutenant Governor which helps Nevada’s small business owners navigate hurdles including those related to funding.
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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.