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State Small Business Credit Initiative presented at the Nevada Community Development Investment and Lending Forum this month about the Battle Born Growth Microloan program, which provides loans, up to $250k, to small businesses across Nevada. The forum was hosted by the Federal Reserve Bank of San Francisco, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
Small Businesses are encouraged to visit the program's website at https://nvsmallbiz.org/microloans/. The website contains a matching platform created in partnership with Community Reinvestment Fund, USA (CRF). On this platform small businesses will be matches with participating lenders.
Nevada is the first state in the nation to launch a Microloan program under the federal State Small Business Credit Initiative (SSBCI) featuring a newly developed refinancing mechanism to strengthen Community Development Financial Institutions (CDFI) lending to small businesses.
Last October, Nevada’s SSBCI Program application was approved for up to $112.9 million and Nevada has received its initial tranche of $35 million. It is overseen by the Governor’s Office of Economic Development (GOED) and contains a total of five component programs.
Battle Born Growth Microloan, which will receive $5.3 million for the first three-year tranche and nearly $16 million in total, works to support small businesses from traditionally underserved communities. It partners with mission-driven lenders such as CDFIs. An economic impact analysis conducted by the University of Nevada, Reno (UNR) estimates a total financial impact of $180 million for this 10-year $16 million program.
On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed.
The SSBCI program is operated by Nevada Battle Born Growth Escalator, Inc. a corporation for public benefit and 501(c)(3) non-profit created by GOED in 2016.
