In Nevada, 41,286 small business owners and NV companies have received a total of $ 2,940,202,040 in Nevada SBA Economic Injury Disaster Loans (EIDLs).
Nevada Paycheck Protection Program (PPP) loan data show 79,176 NV small businesses have received a total of $2,758,914,488 worth of Nevada PPP loans from the Small Business Administration (SBA).
Nevada SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.
Nevada was considered a disaster area due to COVID, which allowed Nevada small business owners and those NV residents that qualified to apply.
SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Nevada Small Businesses Economically Impacted by the Coronavirus (COVID-19)
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to all Nevada small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today.
What are Nevada SBA Disaster Loans (EIDL and PPP) ?
Nevada, and all other states, have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
In Nevada news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the Nevada Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic NV disaster declaration has been extended to December 31, 2021.
The Nevada Paycheck Protection Program (PPP) deadline has already expired. Companies may still claim the Nevada Employee Retention Credit as another way to get a tax credit refund for each employee they had on payroll during 2020 and 2021. This tax credit can be claimed until 2024 and 2025 for small businesses with W-2 employees in Nevada.
SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.
These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.
What are Nevada SBA Grants?
Nevada SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.
The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in Nevada.
Grants are often awarded to help Nevada small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.
How Do SBA Loans Work in Nevada?
Nevada banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.
As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.
In Nevada, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in NV.
How Many Nevada SBA Loans Can You Have?
Nevada and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.
With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.
How Long Do Nevada SBA Loans Take to Process?
The Nevada SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because the Nevada lenders need to make sure everything is in order before committing this size.
While every Nevada company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.
How to Apply for Nevada EIDL, PPP, or SBA Loans?
In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.
Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your Nevada business.
You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.
How to Qualify for Grants for a Small Business in Nevada?
Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.
Nevada’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.
How to Apply for Small Business Grants in Nevada?
A company can apply for SBA grants by filling out an application for Nevada. In addition, the US government has a listing of all their available grants, including those provided through the SBA.
You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.
The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.
Nevada Local SBA Office Address and Contact Information
In Nevada, there are two offices:
Las Vegas, NV
Carson City, NV
Main SBA Assistance Office:
Las Vegas, Nevada SBA Office
300 South 4th Street Suite 400
Las Vegas, NV
Nevada SBA Telephone and Email Contact Information:
Las Vegas – Nevada District Office
Over the years, the SBA has developed many small business loan and assistance programs, special outreach efforts and initiatives to aid and inform small businesses. The following describes briefly all the services and information available through this office:
– Financial assistance for new or existing businesses through guaranteed loans made by area bank and non-bank lenders.
– Free counseling, advice and information on starting, better operating or expanding a small business through (SCORE) Counselors to America’s Small Business.
– And more…
Carson City, Nevada SBA Office
705 N Plaza Street Suite 107
Carson City, NV
Nevada SBA Summary and Conclusion
Nevada SBA loans and grants can be a great resource for any company looking to expand its operations, and many Nevada businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in Nevada?
Share your thoughts in the comment section below.
Nevada Small Business Help: Get Loan Assistance for Your Business in Nevada
Did you know you can request additional SBA EIDL loan funds in Nevada?
Did you know you can request an SBA loan reconsideration if you have been turned down for an SBA loan?
Whether your NV business is classified as a sole proprietorship, independent contractor, LLC, C-Corp, S-Corp, landlord, property investments, rental property owner, or other type of qualifying small business entity in Nevada, we may be able to help you.
Schedule Your Free Disaster Loan Consultation call to see if we may be able to help with your Nevada business situation.
Cover Image Credit: SBA.gov Nevada website.