City of North Las Vegas Small Business Connector increases revolving loan fund amount from $25,000 to $45,000
City provides financial assistance to small businesses and start-up companies
North Las Vegas (May 12, 2022) - The City of North Las Vegas Small Business Connector and Access Community Capital announced today an increase to the Invest NLV small business revolving loan fund to $45,000. The previous maximum was set at $25,000.
The City of North Las Vegas earmarked $2 million from its share of the American Rescue Plan Act toward funding startups and helping existing businesses expand. The Invest NLV revolving loan fund provides financial assistance to small business owners and entrepreneurs interested in starting or growing their business. Since launching on October 12, 2021, the Invest NLV Revolving Loan Fund has provided 21 women, veteran and minority-owned entrepreneurs with nearly $420,000 in small business loans.
“Small businesses are the backbone of our community and the City of North Las Vegas wants to be their biggest champions by helping entrepreneurs get their business up and running,“ City of North Las Vegas Councilman and small business owner Scott Black said. “The Small Business Connector saw an increase in demand for higher loan amounts and partnered with Access Community Capital to meet that demand.”
The Invest NLV loan fund provides:
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Loan amounts between $1,000 and $45,000 at a term of 12-36 months
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Fixed interest rates of 5%-7%
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Unlike traditional banks, Access Community Capital will lend to startups or businesses with less than 2 years history
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No cost advisory services, customer referrals, and networking opportunities
“It was amazing to see the speed at which the City of North Las Vegas approved and then launched the Revolving Loan Fund,” said Nic Steele, Executive Director of Access Community Capital. “The team was intentional about the goals of the Small Business Connector and the Invest NLV loan fund. The impact has been immediate and has provided business owners with a viable option to support their dreams. We look forward to continuing our support of business owners, who in turn support their families, and communities.”
Interested entrepreneurs can apply online at Access Community Capital or call (855) 758-2334. The NLV Connector is located inside North Las Vegas City Hall, 2250 Las Vegas Blvd. North, North Las Vegas, NV 89030, and is open Monday-Thursday from 9 a.m.-5 p.m.Walk-ins are accepted! Appointments can be made by calling (702) 895-1205 or emailing sbdc@unlv.edu.Learn more about the NLV Connector here.
Funded by the American Rescue Plan Act (ARPA), the NLV Connector is part of the City of North Las Vegas’ ongoing COVID response to assist workers, families, and businesses impacted by the global pandemic through the smart and effective use of federal aid within the community. The City of North Las Vegas opened the innovative, first-of-its-kind Small Business Connector to help businesses launch and expand, to provide low-cost loans to entrepreneurs and to connect job seekers with employers. This innovative one-stop shop is conveniently located inside North Las Vegas City Hall, where clients can get a business license, register with the Secretary of State, meet with the City’s Economic Development team, apply for a permit or myriad other business services, all in one location.
Partners in the NLV Connector include UNLV’s Small Business Development Center, which provides business owners free expertise on how to start and grow a business; Access Community Capital, which provides small business owners and startup entrepreneurs low-cost business loans, with a focus on women, veteran and minority-owned businesses; and the Employ NV Business Hub, which connects job seekers and employers, and supports expanding companies with on-the-job training for new hires.
About Access Community Capital:
Access Community Capital (“ACCESS”) is a minority-led mission-driven organization founded by entrepreneurs who understand the plight of business ownership and remain committed to addressing the inequities present in the lending landscape. ACCESS provides loans, grants, and investments to assist small businesses and promote economic development in low-moderate income communities. ACCESS complements traditional financial institutions by increasing access to affordable capital in communities often underserved, including minority-, women-, and veteran-owned businesses. In addition to providing commercial and micro loans, ACCESS also provides mission-related program services such as capacity-building technical assistance and grant making.
About The City of North Las Vegas:
North Las Vegas stretches across the northern rim of the Las Vegas Valley and is home to more than 275,000 residents. As a premier place to live, work and play, North Las Vegas leads the valley in new home development while maintaining a longstanding tradition of successful economic development in a business-friendly environment. The City of North Las Vegas’ fast and faster approach has made the city a top destination in the country for development opportunities. North Las Vegas is a hub for new job creation and economic diversification that attracts global brands, innovative industries, manufacturing, e-commerce, and logistics centers.