Nevada small businesses receive $4 million in state funding

The Nevada Governor’s Office of Economic Development has received $4.2 million from the U.S. Treasury. The funds are to be used to support rural, tribal, healthcare, startup and advanced manufacturing businesses.

NGOED applied for and was selected for funding through a competitive process. The funding is part of the Biden-Harris administration’s economic agenda to provide financing to small businesses so they can participate in supply chains such as clean energy, electric vehicle manufacturing, transportation, construction and more.

The funding will enable small businesses to hire workers through the State Small Business Credit Initiative (SSBCI) and the Investing in America Small Business Opportunity Program (SBOP).

SSBCI is a $10 billion program designed to support small businesses and provide them with access to capital so they can invest in “job-creating opportunities.” SBOP was created to connect small businesses in the private sector with technical assistance services.

In addition, the office will work with its sub-agent, the Nevada Small Business Development Center, to provide technical assistance to small businesses and high-growth companies. Rural and tribal businesses, startups, healthcare companies, and advanced manufacturers, especially those involved in the production of lithium batteries and electric vehicle components, will have access to services needed to apply for loans and investment support.

Other planned partners include Nevada Tech Hub and National Science Foundation Engines.

“This award will enable Nevada’s small businesses to thrive, leading to an electric, innovative, and connected future for the state,” the U.S. Treasury said.

U.S. Reps. Dina Titus and Steven Horsford, as well as Senators Catherine Cortez Masto and Jacky Rosen, attended the news conference to show their enthusiasm for the funding.

“These funds will allow clean energy, electric vehicle and semiconductor companies to expand,” Rep. Titus said. “Already, 10,000 clean energy jobs have been created in Nevada, and another 40,000 jobs are expected to be created over the next 10 years.”

Emerson Drewes can be reached by e-mail at [email protected]. Follow @EmersonDrewes on X.