Silver State Times

Small businesses in Nevada could soon get some much needed financial help for the next three years, should the U.S. Treasury give the State Small Business Credit Initiative (SSBCI) their seal of approval.

The state's Interim Finance Committee (IFC) approved the State Small Business Credit Initiative on Sept. 14, according to a press release from the governor's office.

"Small businesses are the backbone of all of our communities in Nevada,” Gov. Steve Sisolak (D-NV) said in the release. “This first phase of funding will hopefully lead to up to $105 million over the entire duration of the program to bolster our small business owners."

Approximately $35 million would be issued in the first phase of the initiative, according to the press release. The Governor's Office of Economic Development (GOED) submitted the proposal to the federal government, which is expected to announce its decision soon. 

Karsten Heise, GOED senior director of strategic programs and innovation, noted that under this part of the SSBCI the state will "substantially broaden the program's scope to include a total of five components" which would lead to an increased ability to support small businesses, according to the press release.

In the release, Sisolak added he was proud of the work being done by the GOED which will now partner with the U.S. Treasury to put the plan into motion.