VEDC and NMI Form Partnership to Serve Nevada Small Businesses

Announcement raises small business loan capacity through alternative lender in Nevada

LOS ANGELES--(BUSINESS WIRE)--VEDC has formed a partnership with the Nevada Microenterprise Initiative (NMI) for the purpose of maintaining micro lending and SBA Women’s Business Services in the state of Nevada as well as extending their nationally recognized small business lending program into the state. NMI will maintain a statewide presence in Nevada from their existing office in Henderson and continue to operate the Nevada Women’s Business Center (NWBC) from that location.

“We look forward to our successful collaboration with VEDC as we work together to create jobs in Nevada.”

As part of this collaboration, VEDC is developing a Small Business Nevada Loan Program which will offer small business loans ranging from $50,000 up to $250,000 to support entrepreneurs as they endeavor to grow their businesses and create jobs in Nevada.

“NMI has been operating in Nevada for 30 years and VEDC has been supporting small business owners in California for 36 years with business training and financing,” commented Don St. Clair, VEDC Board Chairman. “This partnership will not only ensure the continued presence of NMI but will also allow VEDC to offer expanded services and increased financial opportunity and job growth for small businesses in Nevada.”

The state of Nevada boasts more than 221,000 small businesses with 97.5% having less than 100 employees. But, the current unemployment rate of 11.5% is causing more individuals to seek alternate means of income and start their own businesses. As the only U.S. Small Business Administration Women’s Business Center in the state of Nevada, NMI will continue to offer entrepreneur training and consultations.

“Through this merger, NMI will now have the capacity to serve the state and at the end of the day put Nevada back to work,” stated Lonnie Thomas, NMI Board Chairman. “We look forward to our successful collaboration with VEDC as we work together to create jobs in Nevada.”

The Nevada Women’s Business Center supports the development of all entrepreneurs, while providing comprehensive training and counseling on topics relevant to start-up or existing small business owners. The NWBC services are available to men and women ready to move ahead with their business. The partnership with VEDC assures that small business owners will have continued access to loan funds, even if they have been turned down by their bank.

VEDC is the largest non-profit small business lender in California offering direct micro and small business loans through programs including SBA Community Advantage and SBA 504 loans. As a national small business lender, VEDC lends $25 million annually, while providing direct business assistance services to more than 4,000 businesses. With seven offices nationwide VEDC has supported the small business owner for 36 years with the goal of creating and sustaining jobs and businesses in under-served communities. For more information visit www.vedc.org.