Nevada to receive $4.2M to support small businesses, advanced manufacturing
The Nevada Governor’s Office of Economic Development was awarded $4.2 million from the U.S. Department of Treasury aimed at supporting rural, tribal, health care businesses as well as startups and advanced manufacturing.
The GOED submitted an application and was chosen for funding through a competitive process. The funding is part of the Biden-Harris administration’s economic agenda to provide funding to small businesses to participate in supply chains such as clean energy generation, electric vehicle manufacturing, transportation, construction and more.
With the funding awarded, small businesses will be able to hire through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program.
The SSBCI is a $10 billion program to support small businesses and provide them with access to capital to invest in “job-creating opportunities.” The SBOP was created to connect small businesses in the private sector to technical assistance services.
Also, the office will be partnering with their subrecipient Nevada Small Business Development Center to provide technical help to small businesses and high growth potential companies. Rural and tribal businesses, startups, health care businesses, and advanced manufacturers, especially those in lithium battery and electric vehicle component manufacturing, will receive access to services needed to apply for loans and investment support.
Other planned partners are the Nevada Tech Hub and the National Science Foundation Engines.
“This award will enable small-business growth in Nevada, which will power the state’s electric, innovative, and connected future,” according to the U.S. Department of Treasury.
U.S. Reps. Dina Titus and Steven Horsford and Sens. Catherine Cortez Masto and Jacky Rosen, participated in the press call to show their enthusiasm for the funding.
“These funds will allow companies involved in clean energy generation, electric vehicle manufacturing, and semiconductor production to expand,” Titus said. “Already 10,000 jobs have been created producing clean energy in Nevada, and another 40,000 jobs are expected in the next 10 years.”
Emerson Drewes can be reached via email at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
