SUBMITTED NEWS RELEASE
CARSON CITY—State Treasurer Kate Marshall will be the guest speaker at Northern Nevada Development Authority’s May 25 luncheon at the Gold Dust West in Carson City. Marshall will discuss the benefits of two bills her office is sponsoring.
Senate Bill 75 would create a private equity investment fund, a first in the state of Nevada. The goals of SB75 (https://www.leg.state.nv.us/Session/76th2011/Bills/SB/SB75.pdf) are fourfold:
- Increase returns in the Permanent School Fund, resulting in additional dollars for Nevada K-12 schools
- Promote economic development and diversification in Nevada
- Increase employment through the expansion of businesses in Nevada
- Attract new businesses and investors to Nevada
SB75 creates a nonprofit public entity, the Nevada Capital Investment Corporation, which would be headed by a board that includes members appointed by the governor and legislative leadership based on their investment expertise. The state treasurer, whose duties include the investment of state money, would also be a member.
The NCIC would hire professional private equity fund managers that would seek to partner with capital investment firms to invest in select companies and innovative start-up businesses that would assist in the state’s efforts to grow and diversify its economic base, leading to increased employment. A Business Leadership Council comprising business leaders and professional business development groups would also be created to provide strategic guidance and to mentor businesses which successfully compete for investment dollars.
Senate Bill 64 (https://www.leg.state.nv.us/Session/76th2011/Bills/SB/SB64.pdf) would provide funding to Nevada financial institutions at a lower rate of interest if those funds are linked directly to loans made to eligible Nevada small businesses and other groups. SB64 is designed to work in tandem with the SBA’s Loan Guarantee Program. SBA’s program provides lending institutions with up to an 85 percent guarantee on any loan made to a qualified businesses entity. The program is patterned after highly successful programs in the states of Missouri and Washington, among others.
NNDA salutes Treasurer Marshall for her work and leadership in bringing these new tools to Nevada.
The Gold Dust West is located at 2171 Hwy 50 East in Carson City. Doors open at 11 a.m.; lunch buffet at 11:30 am. Cost is $25 for NNDA investor/partners with advance reservation; $40 for guests and at-the-door walk-ins. Reservations may be made online at www.nnda.org Events or email [email protected]. For information, call 775-883-4413. The luncheon program is open to the public.
NNDA’s mission is to facilitate the recruitment of new business and industry and the retention and expansion of existing businesses. NNDA’s vision is to secure an abundant and sustainable economy for Nevada where all residents have the opportunity to grow in prosperity and realize their financial goals.