Business credit

Lawmakers agree to $35 million in funds for small businesses

The Interim Legislative Finance Committee on Wednesday approved $35 million over the next three years for the Small Business Credit Initiative.
The program is designed to make a combination of private and public funding available to start-ups and other small businesses to help them purchase equipment, supplies and operating space to launch their business.
The $35 million is the first of three potential financial injections from the US Treasury Department. Officials told lawmakers that the funding is designed to help these small businesses and start-ups access loans and other financial assistance to get them started and allow them to qualify for more standard loans that can help them get started. support as they grow.
If successful, the program will be eligible for additional funding of up to $105 million over the nine years of the program. But officials said it could continue well beyond that time since the money can be repaid and recycled by the state and financial institutions into other projects.
Karsten Heise of the Governor’s Office of Economic Development said the program is administered through the Nevada Battle Born Growth Escalator, established in 2015. He said he would significantly expand the scope of the program to include efforts to to increase the state’s capacity to support small businesses.