Table of Contents
Your small business might have been affected by the COVID-19 pandemic as well. A wide range of business grants is available to families, businesses, and vulnerable communities. These resources and information will make it easier for small businesses in Nevada to grow and sustain.
Nevada has $3.75 billion in grants in federal government grants and $3.14 billion in grant money from the local government. Small businesses in Nevada can access Nevada small business funds regardless of their type of business. Over 47,929 businesses and 3,000 farms are located in Nevada.
Furthermore, grants can help businesses finance marketing campaigns, hire more employees, and close cash flow gaps – Nevada’s payroll and salaries total $39.14 billion yearly. Every year, 31,037 bankruptcy petitions are filed by residents of Nevada. Government small-business grants are not available to expanding businesses or start-ups. Funding from non-profit organizations and private grant awarding bodies can also positively impact the economy and society, as well as federal grants. Business grant opportunities like these are crucial to the development and prosperity of small businesses.
What Is a Grant?
Developing products, businesses, or projects can be funded by government/private agencies or authorities. Unlike a secured or government loan, a grant is not required to be repaid. It is also possible to replace loans that need to be repaid with grants as a business financing source. Thus, small businesses that receive grants benefit greatly from them.
While grants have a low cost, applying for and administering them can be lengthy. When applying for small business funding, you must demonstrate how the funds will help you build a successful business. Foundations, non-profit organizations, and local governments offer different types of grant funding.
Nevada Small Grants
There are several grants available to Nevada residents. Nevada business owners will have access to several grants in 2022.
You will find a variety of websites if you search for grants for women-owned businesses on Google. Besides scams, government websites (SBA) can be confusing as well. You will be asked to provide personal and financial information on most forms and applications.
You may be able to secure funding for your new business venture by using the WomensNet website. When you’ve completed it, you’ll see that it was worth your time and effort. Filling out an Amber Grant application is worthwhile, even if it takes time and effort. Whether you’re interested in Amber Grant or want to pursue your business dreams, we’re here to help.
(Including Nevada) There are many women-owned and operated businesses that are eligible for this grant. Qualified applicants are eligible for $10,000 Amber Grants every month. You may want to apply if you want to become one of their 12 monthly winners. Their goal is to select a winner every month who meets their eligibility criteria to receive a grant of $25,000. It is possible to receive $35,000 from the grant over 12 months.
The US Small Business Administration has reopened the Paycheck Protection Program application process. There will be several rounds of application acceptance. Applications for first-time borrowers will be accepted by community lenders starting on January 11. Second-time borrowers began applying for loans on Wednesday, January 13.
Payroll costs and benefits can be funded through First Draw PPP Loans. As well as paying mortgage interest, rent, utilities, COVID-19 worker protection expenses, and certain supplier costs, the funds may also be used for operations and supplier costs.
At a later date, announced soon, all lenders can apply for forgivable PPP loans. March 31 was the deadline for the last round of PPP forgivable loans.
The purpose of the Nevada County Relief Fund is to provide vital resources to Nevada County residents who have been affected by past, present, and future disasters. COVID-19 was mitigated through the creation of this initiative in April 2020.
In the past three years, the Relief Fund has raised nearly $1.3 Million for dozens of small businesses and non-profits across the county, with nearly half of the funds raised from individual donations. Additionally, they established the Wildfire Recovery and Relief Fund to aid their neighbors affected by wildfires with cash donations.
If you require assistance or relief, you can apply here.
In partnership with Prestamos CDFI, a Chicanos Por la Causa (CPLC), the North Las Vegas Small Business Stabilization Forgivable Loan division provides access to capital and personalized business coaching. A comprehensive resource program is designed to support small businesses in their recovery post-pandemic and guide them toward success.
During these difficult economic times, small businesses can access funds for economic relief up to 25K. North Las Vegas businesses that qualify must demonstrate a decline in revenue from 2020 or 2021 compared to 2019, including grants or other forgivable loans (ex., PPP loans). Businesses with fewer than 20 employees are given priority, but businesses with five or fewer employees are also eligible.
As part of Prestamos CDFI’s support for business owners, it will also offer free consulting services. Business consultants at Prestamos CDFI assist businesses with messaging and cost projections. Business owners can benefit from individual sessions with bilingual experts who can assist them in building websites, streamlining operations, igniting business development, providing financial and accounting assistance, and growing their social media content.
Under the AAPISTRONG initiative, APPISTRONG Small Business Grants are offering 100 cash grants to minority-owned small businesses as part of its AAPISTRONG initiative for small businesses. By offering financial grants and other useful tools to AAPI entrepreneurs around the country, they can support their ambitions and accelerate their development.
As part of this program, participants will have the opportunity to get financial aid and other resources from reputable organizations and partners that are dedicated to assisting Asian American and Pacific Islander American-owned small businesses in growing and succeeding.
Winners will be announced in October 2022 after the submission deadline on July 26, 2022.
The Nevada Women’s Philanthropy (NWP) was founded in response to the needs of the larger Las Vegas community. NWP is a member-driven, pooled-fund institution that provides major impact grantmaking to the community. In the arts, education, environment, social services, and health, our membership consists of women who share a strong desire to address new issues confronting our community.
In the arts, education, environment, social services, and health, our membership consists of women who share a strong desire to address new issues confronting our community. The maximum number of women who can join each year is 120. The organization relies solely on volunteers.
GrantWatch provides access to relevant grants for small businesses. The website offers loans, grants, and government subsidies for small businesses. By using GrantWatch, you can find new grant opportunities and get in touch with grant writers who can assist you in preparing winning grant applications. GrantWatch allows you to search for new grants for free. Filling out a grant application takes only a few minutes.
Nevada GrantWatch subscribers are the only ones who can access this business grant portal. Subscription fees are $199 annually and $18 weekly. Free members cannot submit grant applications since they are ineligible for grants.
The Bottom Line
Small business owners seeking to start or grow their businesses can take advantage of the resources offered by the Nevada Small Business Development Center (NVSBDC). Small businesses have received financial assistance from government and private organizations to overcome Coronavirus. As a result of encouraging small businesses to grow, financial aid can have various positive effects on the economy. The best way to get funding for your business is by selecting a funding source from the above list.
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!