$105 million in funding for small Nevada businesses approved

CARSON CITY, Nev. (KOLO) - The first phase of $105 million in funding for small businesses in Nevada was approved by the Nevada Legislature’s Interim Finance Committee.

Small businesses could receive a $35 million boost for the next three years as a result of the initiative, dubbed SSBCI 2.0.

“Small businesses are the backbone of all of our communities in Nevada,” said Governor Steve Sisolak. “This first phase of funding will hopefully lead to up to $105 million over the entire duration of the program to bolster our small business owners. I’m proud of the work done by GOED who will now partner with the US Treasury to enter the implementation phase.

Additional funding will be made available once Nevada reaches the U.S. Treasury’s deployment requirements of 80% of the first phase, which must be fully deployed after three years. The second payment will come after the following three years.

“SSBCI 2.0 is a successor to the 2010/11 SSBCI program when Nevada received $13.8 million,” said Karsten Heise, GOED Senior Director of Strategic Programs and Innovation.

“Nevada’s SSBCI Program has been administered by GOED and consists of a Collateral Support Program and a Venture Capital Program component. The Venture Capital component is managed through the Nevada Battle Born Growth Escalator, Inc. a corporation for public benefit with 501(c)3 status created by AB 17 in the 2015 Legislative Session. For this new iteration of SSBCI we will substantially broaden the Program’s scope to include a total of five components which will increase our ability to support small businesses tremendously. All components will launch by January 2023.″

The program provides a combined $10 billion to states, DC, territories, and tribal governments to provide small businesses with capital.