October 8, 2010

Thanks to Nevada Senator Harry Reid's leadership in passing the Small Business Jobs Act, the Silver State is set to receive $13 million for small business lending. The funding is for the State Small Business Credit Initiative (SSBCI), which supports increased lending to small businesses through innovative local programs that help business owners expand their enterprise and create new jobs. Once programs are set up at the state level, Nevada's allocation could be leveraged to as much as $130 million in lending funds for small companies. As this new law is implemented, Small Business Administration (SBA) loan programs will be extended and expanded. Four Nevada small businesses will receive nearly $900,000 in SBA loans. "Every time I talk with small business owners in Nevada the number one challenge they have to growing their business is getting access to capital," said Reid. "That's why we passed this new law to get local banks and state programs lending again. I urge Nevada state leaders to act quickly so that this money can be delivered to our state's biggest job creators -- small businesses."