The Small Business Jobs Act of 2010 (the Act) was created to help increase credit availability for small businesses (12 U.S.C. 5701 et seq). The Act created the State Small Business Credit Initiative (SSBCI) and appropriated $1.5 billion to be used by the U.S. Department of the Treasury to provide direct support to states for use in programs designed to increase access to credit for small businesses. Nevada's allocation was $13.8 million and in 2017, the U.S. Treasury transferred the program to state ownership. The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to start-up capital across the country, including in underserved communities. Nevada's new allocation is up to $112.9 million and is approved for the following five initiatives:
1. State sponsored Venture Capital Program
2. Collateral Support Program
3. Loan Participation Program - Standard (>$250k)
4. Loan Participation C-PACE
5. Loan Participation Program - Small (<$250k)