Sure, Nevada is home to Sin City, but it also boasts over 300,000 small businesses. This state took a hit during the pandemic, but recent data reveals an economic rebound, so it may be time to start thinking about opening or growing your Nevada business. If you’re a Nevada business owner, you may be eligible for one of the business loans or grants below. Peruse these funding options to find one that’s right for you.
Department or Agency: North Las Vegas Small Business Connector
Loan or Grant title: Invest North Las Vegas Revolving Loan Fund
This program provides loans to small businesses and startups located within or expanding to the city of North Las Vegas. Loan amounts range from $1,000 to $45,000 and can be used for working capital, gap financing, equipment orders, and more.
Department or Agency: Nevada State Bank
Loan or Grant title: Business Loans for Minority-Owned Businesses
The Nevada State Bank provides term loans up to $250,000 and lines of credit up to $100,000 for small businesses within Nevada. To qualify, the company must be more than 50% owned by a minority individual (defined by the bank); accrue more than 50% of the net profit or loss to a minority individual; be located in Nevada; and have an annual gross revenue of less than $10 million.
Department or Agency: Nevada Governor’s Office of Economic Development
Loan or Grant title: Nevada Battle Born Growth Microloan Program (BBGMP)
The BBGMP helps small businesses secure working capital loans of up to $250,000 through nonprofit lenders. Funds can be used for expenses such as equipment purchases, expansion plans, utilities and rent, hiring new workers, and more. To qualify, businesses must have operated in Nevada for at least a year, have less than $5 million in annual revenue, and employ 100 or fewer full-time workers.
Department or Agency: Rural Nevada Development Corporation
Loan or Grant title: Small Business Lending
The Rural Nevada Development Corporation (RNDC) provides loans of $500 to $250,000 to small businesses in rural areas throughout the state. The loan can be used for startup financing, fixed asset purchases, working capital, or to fund expansion projects.
Department or Agency: Rural Nevada Development Corporation
Loan or Grant title: I-80 Fund
RNDC provides small business loans ranging from $5,000 to $250,000 with a fixed interest rate of 2% which increases to 3.75% after two years. The loan is only available to eligible businesses in Humboldt, Lander, Eureka, and Elko counties.
Department or Agency: Governor’s Office of Economic Development
Loan or Grant title: Battle Born Venture
Part of Nevada’s State Small Business Credit Initiative (SSBCI), Battle Born Venture invests in Nevada-based startups across a variety of industries. Eligible businesses can get between $200,000 and $2 million in investments.
