The microloan program provides simple and affordable loans, up to $250k, to small businesses across Nevada. Applicants will be matched with lenders who meet their needs and who are able to serve their small businesses. Additionally, a dedicated Technical Assistance Program provided in partnership with the Nevada Small Business Development Center (SBDC) will be available to assist with credit counseling, financial statements, general business guidance, and many other requested services.
WHO THE PROGRAM IS FOR
This program is not a grant. These are competively priced loans and will need to be paid back in full with interest. The program is open to all Nevada small businesses with 100 or fewer full-time employees and less than $5 million in annual revenue. Credit and eligibility restrictions will apply, however the preapplication is a no cost and no obligation opportunity for all business owners to see if they are a fit for one of the lenders in the program.
The main focus of this program is to reach small businesses across the state. Our nonprofit lending partners have a long history of serving minority and women owned businesses along with businesses in rural communities so we encourage all eligible business owners to apply. The program is backed by the federal State Small Business Credit Initiative (SSBCI), a federal program designed to support small businesses.
HOW IT WORKS
The program’s platform matches borrowers with Nevada lenders offering loans of up to $250k. The program works with mission-driven lenders that provide funding across Nevada, called community development financial institutions (CDFIs), to aid small businesses. We will have lenders who serve all types of businesses in all corners of the state. Business owners will fill out the simple pre-application form, match with a provider, and work directly with that lender to assess loan readiness and creditworthiness. The program also provides access to free business support resources for interested business owners.
Visit the website here for more information.