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Small business loans available through state program

Date:

A microloan program for small businesses is now open for applications.

The state of Nevada’s office for economic development announced this week the federal State Small Business Credit Initiative program. Battle Born Growth Microloan will receive $5.3 million in the first three-years and nearly $16 million total. 

The microloan works to support small businesses from traditionally underserved communities.

Small Businesses seeking less than $250,000 are encouraged to visit the program’s website at https://nvsmallbiz.org/microloans/.

“I pledged in my State of the State address that my administration will restore Nevada’s reputation as a pro-business, pro-development state,” Governor Joe Lombardo said. “I think we can all agree Nevada should be the most entrepreneurial-friendly state in the nation.”

Lenders will be offering fixed-rate loans up to $250,000 with rates from 8.75%-11.75% depending on terms. The loans range from three and six years.

SOURCE: GOED

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