The Nevada Department of Employment, Training, and Rehabilitation (DETR), Nevada Small Business Development Center (Nevada SBDC), and Rural Nevada Development Corporation (RNDC) are partnering to offer Nevada Rural Investments & Support for Entrepreneurs (Nevada RISE). This program is for new and existing business owners in rural Nevada. It offers forgivable loans, up to $25,000, through RNDC and is accompanied by Nevada SBDC technical assistance/mentoring and training. Experience shows that business owners improve success rates and outcomes when they have a plan and receive support.
The Nevada RISE program assists new and existing small businesses and entrepreneurs in rural Nevada to grow and thrive in the new, post-COVID economy. This is one of few opportunities for start-ups to qualify for lender funding.
To be considered for funding, applicants must sign up to be a Nevada SBDC client at www.nevadasbdc.org, which is free and confidential.
A pre-application can be completed at: https://nevadasbdc.org/nevada-rural-investment-and-support-for-entrepreneurs/. Applicants must explain the business model or concept. Qualifying loan uses include startup expenses, operating expenses, and equipment, which must also be specified.
If the concept qualifies, an invitation to complete a full application for the loan will be sent to the pre-applicant with other required documents.
Nevada RISE applicants will be required to work with their assigned Nevada SBDC advisor to complete an action plan before the loan is received; meet with a Nevada SBDC business advisor no less than five hours throughout the program to touch base on progress, needs, and next steps; and attend at least two physical or virtual Nevada SBDC trainings over the course of a year for the loan to be forgiven. Training topics will depend on business needs.
There are no minimum requirements for years in business or income. Priority for disbursement of loans will be for businesses owned or controlled by a veteran or senior citizen. Funding is limited. Applicants must have documents prepared and respond to messages in a timely manner. Not every applicant will qualify for a loan in this program, but all applicants can receive technical assistance to prepare their business for future funding opportunities and other needs.
For more information, visit the Nevada SBDC website at www.nevadasbdc.org or call 800-240-7094.