Nevada Microenterprise Institute (NMI) in partnership with VEDC will now be known as the VEDC Nevada Business Opportunity Fund to reflect its expanded services to help small businesses gain access to capital.
VEDC’s Nevada Business Opportunity Fund offers a comprehensive array of tools and resources to help entrepreneurs to successfully start or expand small businesses. A federally certified community development financial institution (CDFI), the Nevada Business Opportunity Fund’s services and programs are specifically targeted to help micro, small, women, and minority owned businesses in low-income and disadvantaged communities. Services include:
- Small Business Administration (SBA) Community Advantage loans in the $50,000 to $250,000 range
- Microloans in the $1,000 to $50,000 range
- Along with management and technical assistance such as business plan preparation, market research, accounting services, and more training programs and professional counseling through the Nevada Women’s Business Center
“There is an ongoing need to help small business owners who are unable to qualify for traditional bank financing,” commented Roberto Barragan, president and CEO of VEDC, one of the country’s leading small business lending and development organizations for women and minority entrepreneurs in underserved communities. “The Nevada Business Opportunity Fund is committed to continuing to provide financial resources, business services, and programs to grow businesses and support our communities.”
The Nevada Business Opportunity Fund, which originally made microloans of only $1,000 to $35,000, has lent more than $6.4 million to more than 450 Nevada small businesses. More than 3,000 people have received no-cost, entrepreneurial training from the Nevada Business Opportunity Fund’s professionals in just the past two years alone. The more than 222,000 small businesses in Nevada significantly impact the state’s economy, representing more than 95% of all employers and employing approximately 42% percent of the private-sector workforce.
“While we have always offered individualized services and affordable loans that make small business dreams a reality, the Nevada Business Opportunity Fund of today is uniquely positioned to help our state’s job creators be an even stronger force,” says Leanna Jenkins, director of the Nevada Women’s Business Center.
For more information about the Nevada Business Opportunity Fund’s service, please visit our website at http://www.vedc.org/nevada.