Reid led passage of Small Business Jobs Act, which established this state grant
September 28, 2011
Washington, D.C. – Nevada Senator Harry Reid today announced that Nevada Commission on Economic Development will receive $13,803,176 to help small businesses in Nevada grow and create jobs. The grant is part of the State Small Business Credit Initiative, which was created by the Small Businesses Jobs Act. Last year, Senator Reid led passage of the Small Business Jobs Act that provided $15 billion in business tax relief and hundreds of millions in loans to business owners.
“Small businesses are critical to Nevada’s job growth and economic recovery,” said Senator Reid. “These resources will give a much needed boost to our state’s entrepreneurs and help empower them to start putting people back to work.”
The Nevada Commission on Economic Development will use these funds to support small business lending through the Nevada Microenterprise Initiative (NMI) and a new Nevada Collateral Support Program. The Commission will provide up to $500,000 to NMI and the remainder will help entrepreneurs secure the loans they need to start up or grow their businesses.