CARSON CITY — Gov. Brian Sandoval on Thursday announced $500,000 in new funding for the Nevada Microenterprise Initiative, aimed at expanding small-business entrepreneurship among low- and moderate-income people throughout Nevada.
“Small businesses account for most of the businesses in Nevada and will help lead job growth moving forward,” Sandoval said. “This initiative will provide essential support to help local entrepreneurs obtain the training, assistance and access to loans they need to enhance their economic stability.”
By offering financial support to small businesses and loaning, NMI funding provided by the U.S. Department of the Treasury, the Office of Economic Development is supporting economic growth. NMI is the only lender authorized for the U.S. Treasury micro-loan program in Nevada. The initiative’s “micro loans” average $8,500.
NMI is a nonprofit organization certified by the treasury as a Community Development Financial Institution. A statewide entity, NMI supports the development of microenterprises, which are firms that typically employ five or fewer individuals and require $35,000 or less in capital assistance. Microenterprises comprise 87 percent of all businesses in Nevada.
Entrepreneurs seeking more information on the Nevada Microenterprise Initiative should visit www.4microbiz.org or 702-734-3555 in Las Vegas or 775-324-1812 in Reno.