Nevada gets approval for federal small business loans

CARSON CITY — Nevada has received approval for low-interest federal loans to small businesses statewide for economic impacts related to the COVID-19 outbreak, Gov. Steve Sisolak announced Wednesday.

Nevada is one of the first states to get approval for the U.S. Small Business Administration loans, an advisory from the governor said. Sisolak sought an SBA disaster declaration to open up the flow of federal assistance.

Small businesses, private nonprofit organizations, small agricultural cooperatives and aquaculture enterprises may qualify for disaster loans of up to $2 million. Eligibility is based on financial impact of the coronavirus. The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofits.

“I hope to continue working with the SBA and our federal delegation to ensure our citizens get all the assistance and resources they need to get through this challenging time,” Sisolak said in a statement.

Applications and more information are online, call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information. The deadline to apply is Dec. 17.

Contact Capital Bureau reporter Bill Dentzer at bdentzer@reviewjournal.com. Follow @DentzerNews on Twitter.