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$105 MILLION IN FUNDING FOR SMALL NEVADA BUSINESSES APPROVED


The first phase was approved by the Nevada Legislature’s Interim Finance
Committee(Gurajpal Sangha)
By Kevin Sheridan
Published: Wed Sep 14 2022
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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.

Copyright 2022 KOLO. All rights reserved.

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