It could soon get a little easier for some of the smallest businesses to obtain loans in Nevada.
Gov. Brian Sandoval announced Wednesday that the Silver State would receive $500,000 in new funds for the Nevada Microenterprise Initiative, a program that focuses on expanding entrepreneurship among low- and moderate-income people.
The U.S. Treasury is providing the funds, which will come through the Governor’s Office of Economic Development.
The Nevada Microenterprise Initiative is a nonprofit community-development institution that guides development of businesses that have five or fewer workers and a need for $35,000 or less in financing. Such microenterprises make up 87 percent of all businesses across the state.
“Small businesses account for most of the businesses in Nevada and will help lead job growth moving forward,” Sandoval said in a statement. “This initiative will provide essential support to help local entrepreneurs obtain the training, assistance and access to loans they need to enhance their economic stability.”
The initiative’s microloans average $8,500.
For more details on the initiative, visit www.4microbiz.org or call 734-3555.Contact reporter Jennifer Robison at firstname.lastname@example.org or 702-380-4512.