LAS VEGAS — Nevada Sen. Harry Reid recently announced that the Rural Nevada Development Corporation (RNDC) will receive a direct loan of up to $1 million to help small business in rural Nevada grow and create jobs. The loan is through the Small Business Administration’s Intermediary Loan Program that was created by the Small Business Jobs Act that Reid led to passage last September.
“This additional assistance will give a much-needed boost to Nevada’s small businesses and help them put people back to work,” Reid said. “Job creation must continue to be our No. 1 priority and I will continue to push legislation in the Senate that gets Nevadans working again and helps our economy fully recover.”
RNDC will serve as an intermediary between the Small Business Administration and small business owners in Nevada who will take advantage of the loans. RNDC is one of the first 20 nonprofit community organizations to receive the funding, and Nevada small businesses will be eligible to receive loans of up to $200,000. This program is designed to increase access to capital for small businesses and startups in traditionally underserved communities.
Last year, Congress passed the Small Business Jobs Act that provided $15 billion in business tax relief and hundreds of millions of dollars in loans to business owners.