Nevada Governor Joe Lombardo announced that additional funding from the State Small Business Credit Initiative (SSBCI) will bolster the state’s economic growth by enhancing support for small businesses and startups. This announcement was made in a social media post on November 14.
“This funding is crucial to Nevada’s economic growth,” said Joseph Michael Lombardo, Governor of Nevada. “Small businesses benefit from the SSBCI capital, which, when combined with private funds, supports the ideas and ambitions of our state’s entrepreneurs, innovators, and startup founders for many years to come.”
The “Battle Born Growth” initiative, part of Nevada’s SSBCI program, has recently secured a second tranche of $38.5 million from the U.S. Department of the Treasury. This achievement follows the Nevada Governor’s Office of Economic Development (GOED) surpassing federal deployment benchmarks by fully utilizing its initial allocation and directing 68% of capital to socially and economically disadvantaged businesses, exceeding the federal requirement of 48.85%. The funding aims to increase access to capital for small businesses, startups, and underserved communities across Nevada while aligning with state economic strategies.
According to the 2023 Small Business Economic Profile for Nevada, small businesses were responsible for a net increase of 90,803 jobs, accounting for 60.6% of all new jobs in the state during that period. The profile also indicates that there are approximately 283,333 small businesses in Nevada, representing 99.2% of all businesses in the state and employing about 42.2% of the private-sector workforce.
In its annual report for 2022-2023, the U.S. Treasury’s SSBCI program noted that nearly $750 million in federal funds had been used across participating jurisdictions, leveraging $3.1 billion in total new financing. This includes approximately $2.6 billion in private investment, demonstrating a general leverage trend where “$1 of federal funds → $4 of total financing” for states administering SSBCI.
Lombardo has served as Governor since January 2, 2023, following a career in law enforcement culminating as Sheriff of Clark County. His gubernatorial campaign focused on diversifying Nevada’s economy, reducing regulatory burdens, and expanding small-business access to capital through initiatives like the SSBCI program.
The GOED is tasked with business expansion, investment attraction, innovation-led economic development, and small-business support; it manages the SSBCI program under its “Battle Born Growth” initiative and provides micro-loans, venture capital investments, technical assistance, and collateral support through a public-private network to promote inclusive entrepreneurship statewide.
