For U.S. House Rep. Dina Titus, D-Nev., small businesses in Nevada are the “engine of economic recovery” that can often fall in the shadow of larger businesses in the state.
Startups and mom-and-pop shops are one step closer to stepping out of that shadow. Titus joined fellow U.S. Rep. Steven Horsford, D-Nev., alongside state and federal officials for a digital press conference Tuesday announcing a $4 million investment in programs for small businesses.
“Everybody knows the Strip, which is in my district, and gaming and tourism and hospitality, but there are a lot of ancillary businesses that support that Strip that are run by small businesses,” Titus said.
The $4 million comes from the State Small Business Credit Initiative, part of a federal $10 billion program that was bolstered by the American Rescue Plan Act, which both Titus and Horsford signed in Congress. The funds were awarded to the Nevada Governor’s Office of Economic Development and will help businesses through the Small Business Opportunity Program, which is a competitive grant.
Businesses with less than 20 employees make up almost 86% of businesses in Clark County, according to a 2023 report from the Governor’s Office. The programs, provided by the Nevada Small Business Development Center and other businesses, are designed to help startup businesses receive legal and accounting services they otherwise would not have. That guidance is a key tool officials said can help give solid footwork to a starting business.
“Because of these grants… now they have the opportunity to focus in on the thing they want to do, which is running their business, and to get help with all the things they need to do to have successful small businesses,” Deputy U.S. Treasury Secretary Wally Adeyemo said during the event.
Business owners looking to get involved with the programs can reach out to the Business Development Center or the Office of Economic Development. Adeyemo credited the initiative and funds to the Biden-Harris Administration’s efforts to strengthen small businesses and reinvigorate economic growth in the wake of the COVID-19 pandemic.
Southern Nevada was one of the areas in the U.S. most strongly affected by the pandemic, with unemployment in the region reaching 35% at one point.
The deputy secretary lauded Nevada’s postpandemic state initiatives for diversifying the kinds of businesses supported through state programs.
“Nevada has done impressive work to develop a program that connects both main street businesses and high-growth potential businesses to technical assistance resources and to build regional networks to serve businesses throughout the state,” Adeyemo said.
Southern Nevada will not be the only part of the state to receive the benefits of the program. Officials emphasized the importance of reinvigorating rural and tribal businesses, who often have less resources available to them than their counterparts closer to urban areas.
“As you know, Nevada is a state with two urban centers and a lot of rural areas, and it’s very important that every corner of the state is being covered,” said Karsten Heise, senior director of strategic programs and innovation with the Nevada Governor’s Office of Economic Development.
Adeyemo said businesses with focuses on clean energy and electric vehicle production will see an increase in public investment to help diversify the state’s economic portfolio.
“You can’t stub your toe in Nevada without hitting lithium, so that industry is really about to take off and will benefit from the investments of this program,” Titus said.
Horsford said during the meeting the funds will be aimed at Nevadans currently starting their own businesses, rather than out-of-state transplants looking to come to make use of the program.
“I am interested in helping local Nevada people who are starting and/or growing their businesses, not necessarily always having to attract someone from outside to come in and do it for us,” Horsford said.