Small Business Funding Update

Dave-Archer-cc1While Nevada’s small businesses and entrepreneurs continue to face uncertainties in the economy and in the areas of Federal and state regulation and taxation, we do see some bright spots in the availability of financing. The US Small Business Administration (SBA) has a wide range of loan programs to help entrepreneurs and small businesses:

· Patriot Express loans are available up to $500,000 and they’re designed for a business at least 51% of which is owned by a veteran or spouse. The loan proceeds can be used for start-up, expansion, equipment purchases, working capital, or business-occupied real estate purchases.

· Export Express loans are available up to $500,000 to businesses that have been in operation for at least one year and can demonstrate that the loan proceeds will support their export activities. The loan proceeds can be to develop a company’s export capabilities, such as participating in a foreign trade show, financing specific export orders, expanding production facilities, or for purchasing equipment inventory or real estate.

· Microloans are available up to $50,000 to help small businesses and certain nonprofit childcare centers start up and expand. Microloans can be used for working capital, inventory, or machinery or equipment purchases.

Many of Nevada’s banks offer SBA-backed loans, so check with your banker or with some of these SBA lenders:

Nevada Microenterprise Initiative (NMI) recently merged with Southern California’s Valley Economic Development Center (VEDC) and is once again providing Nevadans with microloans and business loans up to $250,000. More info at www.4microbiz.com/documents

While located in Las Vegas, Celtic Bank provides business loans throughout Nevada. Celtic offers a variety of loan program, including Patriot Express and Export Express. More info at www.celticbank.com/express

Prestamos provides microloans up to $50,000 and business loans up to $250,000. More info at www.prestamosloanfund.org/Loan_Programs.html

Strategies for Small Businesses provides unsecured loans from $5,000 to $25,000. More info at www.strategiesforsmallbusiness.com

Rural Nevada Development Corporation (RNDC) provides loans of $500 up to $250,000. RNDC serves all of rural Nevada including rural Washoe and rural Clark counties. They do not service the cities of Reno, Sparks, Carson City, Las Vegas or Henderson. Contact Mary Kerner at (866) 404-5204 or mary@rndcnv.org (www.rndcnv.org/lending.html)

As always, your best resource for these programs is the SBA’s David Leonard – our local expert on SBA loans – at (775) 827-4923 Ext. 24 or by email at David.Leonard@sba.gov.

Dave Archer is President / CEO of NCET – Nevada’s Center for Entrepreneurship and Technology –www.NCET.org