(Carson City, Nev. – Jan. 25, 2012) – Gov. Brian Sandoval today 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,” Governor 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 call (702) 734-3555 in Las Vegas or (775) 324-1812 in Reno.
About the Nevada Governor’s Office of Economic Development
The office’s mission is to promote, aid and encourage economic development in the State of Nevada. This is achieved through programs, including national and international Business Development, Community Development Block Grants, Procurement Outreach and the Nevada Film Office. NGOED has offices at 808 W. Nye Lane in Carson City, Nev., and at 555 E. Washington Ave., Suite 5400 in Las Vegas. More information can be accessed at www.diversifynevada.com or by calling 1-800‐336‐1600.
