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Nevada’s Board of Examiners approved the Nevada Governor’s Office of Economic Development’s (GOED) contract with Access Community Capital in Southern Nevada to administer a minority-focused direct loan program, targeting startups and early-stage businesses based on the utilization of $6 million from the Attorney General’s office T-Mobile and Sprint settlement. The allocation to GOED was approved by the Nevada Legislative Interim Finance Committee on April 8, 2022.
The Nevada Community Development Financial Institution (CDFI) will focus on minority and women owned businesses. Access Community Capital has submitted its application for certification to the CDFI Fund, which is part of the U.S. Department of the Treasury.
“This will not only protect existing jobs for enterprising Nevadans, but also create opportunities for the creation of new businesses and new jobs,” said Attorney General Aaron Ford.
The funding for the CDFI is the result of the Nevada Attorney General’s settlement resolving concerns with the planned merger between T-Mobile and Sprint in 2019.
“According to the Opportunity Finance Network, CDFI borrowers are 84 percent low-income, 60 percent of color, and 50 percent women. CDFIs are vital. In addition to their commitment to deliver affordable credit and financial services to small businesses and communities underserved by mainstream commercial banks and lenders, they also provide much needed technical assistance services,” said Karsten Heise, Senior Director Strategic Programs and Innovation of the Governor’s Office of Economic Development.
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