Rep. Titus, Biden Administration Announce Funding to Promote Small Business Growth and Entrepreneurship
Nevada Approved to Receive Federal Funding Through the State Small Business Credit Initiative
Las Vegas, Nevada, October 11, 2022 | Sara Severens (202-924-1719)
Congresswoman Dina Titus (NV-01) joined Biden Administration officials and members of Congress to announce up to $112.9 million in funding for Nevada under the State Small Business Credit Initiative (SSBCI).
LAS VEGAS, NEVADA – Today Congresswoman Dina Titus (NV-01) joined Biden Administration officials and members of Congress to announce up to $112.9 million in funding for Nevada under the State Small Business Credit Initiative (SSBCI).
The American Rescue Plan (ARP) reauthorized and expanded SSBCI which was originally established in 2010 to increase access to capital for small businesses and entrepreneurs. The SSBCI invests critical early funding for new businesses to promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic. SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, boosting the effects of this money and providing small business owners with the resources they need to sustainably grow and thrive.
“More people in the United States are starting new businesses than ever before,” said Rep. Titus. “I was happy to join the White House in celebrating new SSBCI funding to support local entrepreneurs in underserved areas as they pursue their dreams. Let’s keep the Small Business Boom going by expanding access to capital and giving people resources for success.”
Here are some of the key programs that the U.S. Department of the Treasury has approved for Nevada:
Nevada, approved for up to $112.9 million, will operate five programs: a collateral support program, three loan participation programs, and a venture capital program.
The LPPs have combined funding of over $66 million, and the state estimates they will directly result in the creation of over 2,000 jobs. They include a program to fund energy and water efficiency capital improvements in commercial properties, a program that will support debt financing for small enterprises and manufacturers by purchasing participations in loans over $250,000 from commercial banks and credit unions, and a program aimed at strengthening the state’s CDFIs by purchasing participation in loans of less than $250,000.