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In just 24 hours, the City of North Las Vegas and Access Community Capital received 46 new loan applications after announcing an increase to the Invest NLV small business revolving loan fund from $25,000 to $45,000 to meet increased demand from constituents. The Invest NLV loan fund supports small businesses by providing working capital, gap financing, and other types of low-interest loan options to assist with their startup success.
The City of North Las Vegas earmarked $2 million from its share of the American Rescue Plan Act toward funding startups and helping existing businesses expand. The Invest NLV revolving loan fund provides financial assistance to small business owners and entrepreneurs interested in starting or growing their business. Since launching on October 12, 2021, the NLV Connector has supported 440 small businesses including 359 minority owned-businesses, 254 women-owned businesses, and 35 veteran-owned businesses and provided nearly $420,000 in small business loans.
The Invest NLV loan fund provides:
* Loan amounts between $1,000 and $45,000 at a term of 12-36 months
* Fixed interest rates of 5%-7%
* Unlike traditional banks, Access Community Capital will lend to startups or businesses with less than 2 years’ history
* No cost advisory services, customer referrals, and networking opportunities
Interested entrepreneurs can apply online at Access Community Capital or call (855) 758-2334. The NLV Connector is located inside North Las Vegas City Hall, 2250 Las Vegas Blvd. North, North Las Vegas, NV 89030, and is open Monday-Thursday from 9 a.m.-5 p.m. Walk-ins are accepted. Appointments can be made by calling (702) 895-1205 or emailing sbdc@unlv.edu. Learn more about the NLV Connector here.
Partners in the NLV Connector include UNLV’s Small Business Development Center, which provides business owners free expertise on how to start and grow a business; Access Community Capital, which provides small business owners and startup entrepreneurs low-cost business loans, with a focus on women, veteran and minority-owned businesses; and the Employ NV Business Hub, which connects job seekers and employers, and supports expanding companies with on-the-job training for new hires.
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