Nevada Legislature’s Interim Finance Committee Approves Federal Funding for Small Businesses

IFC approves first phase of funding for $105 million SSBCI 2.0 program

CARSON CITY, NV – September 14, 2022

Thanks to approval from the Nevada Legislature’s Interim Finance Committee (IFC) today, Nevada small businesses could receive a $35 million boost for the next three years from the first tranche of the State Small Business Credit Initiative (SSBCI 2.0). The United States Treasury is expected to announce approval for the plan that the Governor’s Office of Economic Development (GOED) has submitted.

“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.”

Nevada will be eligible for additional funding when it reaches US Treasury’s deployment requirements of 80 percent of the first phase. The first phase must be fully deployed after three years and the second tranche after the following three years. IFC’s action allows Nevada to receive the first tranche of funding once US Treasury completes Nevada’s application process.

“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”.

SSBCI 2.0 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 proposal garnered wide-ranging support at the IFC meeting, with comments in support from agencies, including but not limited to:

  • Nevada Credit Union League
  • gener8tor
  • Access Community Capital
  • StartUpNV
  • City of Las Vegas
  • Community Reinvestment Fund

###

Contact

Meghin Delaney
Communications Director