Congressman Horsford Secures $2.75 Million in Funding for Nevada Small Businesses to Aid Recovery from Pandemic
WASHINGTON D.C. — Today, Congressman Steven Horsford (D-NV-04) announced his office secured a $2,750,000 award for the Nevada Business Opportunity Fund. This funding will establish a Revolving Loan Fund (RFL) to provide capital and technical assistance to underserved businesses throughout Clark County.
“Small businesses are the backbone of our economy, and while they have made progress in recovery, many are still struggling from the ongoing impact of the pandemic,” said Congressman Steven Horsford. “I’m proud to announce $2.75 million in funding to help Clark County businesses build back better, create jobs, and promote long-term growth for the broader community.”
"I commend Congressman Horsford for fighting for access to capital for small businesses. Anytime we can get access to capital for small businesses is a good day, but during a pandemic, it is the difference between keeping the doors open or closing for good," said Peter Guzman, President of the Latin Chamber of Commerce.
"Congressman Horsford continues to be a champion for the small, diverse businesses we represent," said Ken Evans, President of the Urban Chamber of Commerce. "We have businesses who we know will benefit from both the technical assistance of Nevada Business Opportunity Fund and the infusion of capital provided by this Revolving Loan Fund."
These funds will be a huge resource for small businesses in Nevada. The resiliency of our small business owners are incredible and now that we are moving to get our economy going these funds will help them through the process. Thank you Congressman Horsford for your continued support,” said Sonny Vinuya, President of the Las Vegas Asian Chamber of Commerce.
"Nevada small businesses are innovative and dedicated to achieve. These funds will expedite the transformation of the Nevada economy to withstand the current situation then prosper in the near future. All the resources provided to these businesses will result in a significant return on investment through job creation and overall revenue. This will lead to prosperity for future generations," said Kevin Raiford, Director of Nevada Grow.
The award will provide $2,500,000 in funds for loans along with $250,000 in technical assistance and administrative funds to help support small businesses who have been economically distressed by the coronavirus pandemic. These funds will provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region. The funding comes from the CARES Act, which Congressman Horsford voted to pass in March 2020.
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