LAS VEGAS, NEVADA – Today Congresswoman Dina Titus (NV-01) joined the Administrator of the U.S. Small Business Administration (SBA) Isabella Casillas Guzman to host a Small Business Roundtable during Women’s Business Month and Hispanic Heritage Month to recognize the accomplishments of Hispanic women-owned and women-led businesses in Nevada.

Women are the fastest-growing entrepreneurial segment in the nation and are at the forefront of growth in every industry. Women-owned businesses represent 42 percent of all U.S. businesses, generating $1.9 trillion in revenue annually. Prior to the COVID-19 pandemic, Nevada led the nation in small business employment growth between 1995 and 2019 with an increase of 75.6 percent. Nevada’s business-friendly climate continues to attract women entrepreneurs.

A recent report by American Express ranked Nevada #5 nationally for women’s business growth with a 19 percent increase in the number of women-led businesses from 2014 - 2019.

“Small business owners bore the brunt of the COVID-19 pandemic,” said Rep. Titus. “At the pandemic’s peak, Nevada had the highest rate of unemployment of any major metropolitan, but we’re bouncing back. Small businesses are vital to continuing that recovery, creating jobs, and growing the economy.

“I am happy to highlight women-owned businesses in my district during Women’s Business Month with Secretary Guzman. I am committed to ensuring Nevada small businesses get connected with the opportunities, funding, and resources they need to grow and thrive.”

Background

Following the COVID-19 pandemic, a new generation of Nevada women became small business owners. In 2021, there were 107,000 women-owned small businesses. Today SBA data shows that there are nearly 113,000. Between March 2020 and March 2021, Nevadans opened a net of 5,940 new businesses. During this time, small businesses accounted for 14,295 openings and 8,182 closings.

In Las Vegas, there was a 28 percent growth in the number of Women-Owned Businesses between 2014 - 2019. Women own 45.1 percent of businesses in the Silver State, which is higher than the national average of 42 percent.

Congresswoman Titus secured federal funds for small businesses through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the American Rescue Plan Act (ARP). These packages provided funding for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program which helped women-owned small businesses keep their doors open throughout the COVID-19 pandemic.

Nevada also has a vibrant, diverse, and successful Latino community which makes up nearly a third of the State’s population. Congresswoman Titus worked throughout the COVID-19 pandemic to ensure minority-owned businesses received critical federal funding through the legislation listed above.

All seven of Congresswoman Titus’ Community Funding Project requests received final passage as part of the Omnibus bill to fund the federal government for Fiscal Year 2022. This included $437,200 for the City of Las Vegas for the Small Business Support Center. The Support Center helps existing businesses and entrepreneurs navigate business planning, financial planning, legal needs, and more.

Congresswoman Titus also supported the reauthorization and expansion of the State Small Business Credit Initiative (SSBCI) program in the ARP. The SSBCI program funding will increase access to capital for small businesses and entrepreneurs, especially in underserved communities.

In Nevada, 118,109 recipients received $6,821,924,429 in PPP funding and 42,249 recipients received $4,211,418,422 in EIDL funding.

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