The U.S. Department of the Treasury has awarded over $4 million to the Nevada Governor’s Office of Economic Development under the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). The funding aims to support small businesses in key economic sectors, including rural and Tribal businesses, healthcare enterprises, and advanced manufacturers within the clean energy sector.
As part of the Biden-Harris Administration’s economic agenda, this program seeks to connect underserved and very small businesses with necessary financing for participation in crucial supply chains like electric vehicle manufacturing, semiconductor production, construction, transportation, and clean energy generation. The SBOP is designed to stimulate additional private sector investment by providing technical assistance services to small businesses.
“The Biden-Harris Administration is committed to expanding access to capital and creating opportunities for entrepreneurs to grow their businesses in thriving sectors,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “With these resources, Nevada will be able to provide critical legal and financial services to small businesses, including manufacturers that are fueling Nevada’s booming clean energy economy.”
“Nevada’s small businesses are key to our economy, and I will always work to ensure they have the resources they need to succeed,” said U.S. Senator Catherine Cortez Masto. “This federal funding will help small businesses throughout our state access financing and support economic growth in Nevada, and I am proud to support it.”
“As Nevada’s economy continues to grow, it’s critical that we support our small businesses and entrepreneurs,” said U.S. Senator Jacky Rosen. “I’m glad to see millions of dollars coming to our state to help small businesses flourish in industries like healthcare, clean energy, and advanced manufacturing. I’ll keep working across the aisle to get Nevada’s small businesses the resources and support they need.”
“By providing clean energy companies better access to capital, we are laying the groundwork for the Nevada economy of tomorrow. These funds will allow companies involved in clean energy generation, electric vehicle manufacturing, and semiconductor production to expand," stated U.S. Congresswoman Dina Titus. "Already 10,000 jobs have been created producing clean energy in Nevada and another 40,000 jobs are expected in the next 10 years."
“This federal funding is an important step forward in our goal to build a resilient and inclusive economy that works for all Nevadans,” noted U.S. Congressman Stephen Horsford. “By investing in our small businesses through the State Small Business Credit Initiative, we empower entrepreneurs—especially in underserved areas—to create growth in sectors like clean energy and healthcare.”
Karsten Heise from the Nevada Governor's Office of Economic Development expressed enthusiasm about being selected for this competitive award: “We are thrilled by being selected for this competitive SBOP award which will reinforce our Nevada SSBCI program... We will be partnering again with the Nevada Small Business Development Center.”
The awarded funds will enable technical assistance services aimed at both high-growth potential companies as well as Main Street small businesses across Nevada's rural areas including Tribal enterprises.
The American Rescue Plan Act reauthorized SSBCI with nearly $10 billion allocated nationwide supporting entrepreneurship while democratizing access among historically overlooked communities.
