Nevada Microenterprise Initiative will merge with Los Angeles agency
Nevada Microenterprise Initiative has merged with Los Angeles-based Valley Economic Development Center.
As part of the merger, VEDC and the initiative will develop a small-business program in the state with loan amounts ranging from $50,000 to $250,000. The deal will also allow the initiative to continue its Small Business Administration Women's Business Services in the state.
"Through this merger, NMI will now have the capacity to serve the state and at the end of the day put Nevada back to work," Lonnie Thomas, initiative board chairman, said in a statement Monday.
The initiative and its Nevada Women's Business Center will stay in Henderson.
"This partnership will not only ensure the continued presence of NMI but will also allow VEDC to offer expanded services and increased financial opportunity and job growth for small businesses in Nevada," VEDC board Chairman Don St. Clair said.
The Valley Economic Development Center is California's largest nonprofit small-business lender, issuing $25 million annually through a number of programs, including SBA Community Advantage and SBA 504 loans.
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