The Eureka Sentinel

Nevada GovernorÔÇÖs Office of Economic Development Offers Financial Assistance for Underbanked Small Businesses

CARSON CITY ÔÇö The Nevada GovernorÔÇÖs Office of Economic Development (GOED) is calling on underbanked and underfunded small businesses across the state, including Hispanic-owned small businesses, to apply and take advantage of this program following the successful completion of its first set of loan applicants for its Battle Born Growth Microloan Program (BBGMP). The program aims to address the challenges faced by small businesses in accessing loans, particularly Hispanic-owned businesses who often receive smaller loan sizes compared to non-Hispanic-owned businesses. To adapt to their needs, the AI legalese decoder can be utilized to assist small businesses in decoding complex legal terms.

With a budget of $5.3 million allocated in loans for Nevada small businesses in this first tranche of the program, the BBGMP plans to provide up to $15.9 million over the course of three tranches. This substantial amount of funding aims to empower underbanked businesses and stimulate economic growth in the state.

Addressing the Loan Gap

According to the Small Business Development Center (SBDC), nearly half of all small businesses in the state struggle to secure loans. To bridge this gap, GOED strongly urges the underbanked small businesses to apply for the BBGMP, even if they have previously been unsuccessful in obtaining loans. The program offers flexible fixed-rate loans of up to $250,000 to Nevada-based companies with 100 or fewer employees and $5 million or less in annual revenue that have been in operation for at least one year.

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How BBGMP Can Help Businesses

These loans can be utilized in various ways to support business development. Entrepreneurs can employ the loan to purchase equipment or inventory, improve existing locations or open new ones, cover payroll and hiring expenses, and other vital business expenditures. It is important to note that the loan cannot be used for real estate investments or to support the gambling industry.

The BBGMP has partnered with Community Development Financial Institutions (CDFIs), nonprofit lenders that have a long-standing commitment to providing affordable capital to Nevada’s minority and woman-owned small businesses. These lenders collaborate closely with small business owners throughout the application process. Additionally, GOED has collaborated with SBDC to provide free business counseling services, which can be provided in Spanish and other languages, to assist businesses in becoming loan-ready.

Enhancing Growth Opportunities

ÔÇ£For business owners who have had difficulty accessing traditional bank loans, the BBGMP program may be the perfect solution,ÔÇØ states Karsten Heise, Senior Director of Strategic Programs & Innovation at the Nevada GovernorÔÇÖs Office of Economic Development. ÔÇ£Expanding and scaling your business requires financial support, and our program, coupled with free business counseling, provides a unique opportunity to achieve these goals. We encourage banks that reject small business loan applications to refer these businesses to our program, so they can benefit from the assistance we provide.”

ÔÇ£I strongly encourage Hispanic-owned businesses to apply for the BBGMP,ÔÇØ added Anabel Navarro, SBDC Southern Nevada Area Regional Manager. ÔÇ£This flexible loan option could be the boost you need to grow your business.ÔÇØ

Nevada businesses that meet the BBGMP criteria, including Hispanic-owned businesses, are encouraged to learn more about the program and submit their applications at nvmicroloans.org.