Nevada Microenterprise Initiative Program
Businesses in the State of Nevada have been seriously impacted by the national economic conditions resulting in the highest unemployment numbers in the Nation. As a result of job losses, residents of Nevada are searching for financial support for entrepreneurial business ideas. As a result of these facts, and the fact that small business development is a key factor to employment recovery, the Governor's Office of Economic Development (GOED) believes the small business sector requires additional funding to assist small businesses with entrepreneurial training, technical assistance and access to loans for new and expanding businesses throughout the State. Nevada received $13.8 million from a federal grant to assist in the growth of small and microenterprise businesses throughout the state of Nevada.
The Nevada Microenterprise Initiative (NMI) provides business development training and financial investments to small business entrepreneurs. The small business training program assists startup businesses by providing knowledge on how to start and build a successful business. The financial program lends them the financial support necessary to start the business and hire employees. Microenterprise businesses comprise 87% of all business entities in Nevada and contribute to the local economic health and vitality of communities throughout Nevada.
NMI is the only SBA Intermediary Lender for the SBA Micro-Loan Program in the State of Nevada. Access to capital continues to be an urgent need for entrepreneurs as financing of start-up or early stage businesses is generally not available through commercial lenders. As a result of the SSBCI program investment in Nevada, NMI will receive a $500,000 loan from the GOED to invest in microenterprises wishing to startup new operations or expand existing micro businesses in the State.
- Micro-businesses have five or fewer employees.
- Can be established with a capital investment of $35,000 or less.
- All money must be used for businesses hiring employees in Nevada.
Interested entrepreneurs must contact Nevada Microenterprise Initiative to determine eligibility.