Nevada Small Business Credit Initiative to get $112 million

The federal government has approved up to $112.9 million for Nevada’s Small Business Credit Initiative.

About two-thirds of that money will support loan programs including those designed to support energy and water efficiency capital improvements.

They will also support debt financing for small businesses and manufacturers by buying participation in loans of more than $250,000 from commercial banks and credit unions.

Finally, the program will support Community Development Financial Institutions participating in loans of less than $250,000.

The first award totals $35 million that will be overseen by the Governor’s Office of Economic Development.

The federal program rules require at least $10 of private sector financing for each dollar of public funding.

GOED’s Karsten Heise said the programs will be operated through the non-profit Nevada Battle Born Growth Escalator.