Small Business Grants in Nevada: Las Vegas, Reno & Beyond

The Silver State has one of the fastest-growing populations in the U.S. and an equally thriving business climate ranked as #6 for economic growth from 2014 to 2019. Unfortunately, that doesn’t mean starting a business there is easy –– nearly 7,000 businesses filed for bankruptcy in 2021 alone. Businesses most often fail when they’re unable to secure the credit needed to pay their rent, employees, or utilities. 

To avoid a credit shortfall, business owners will turn to either loans or grants. Many business loans come with high-interest rates and short repayment periods that put the business owner further into debt while eating away at their potential for growth. As such, grants can be more attractive as the business doesn’t need to pay them back. Grants aren’t always a silver bullet though. They have their downsides too. 

Keep reading to learn about some best grants offered to small business owners in Nevada, but before we do that we’ll look at what a grant is and whether it’s the best option for growing your business.

Using a Nevada Small Business Grant To Grow Your Business

Many small business owners apply for grants to cover some of the costs associated with operating and growing their burgeoning business. Usually, they’re a means to further develop a community or encourage disenfranchised groups to grow their business. Nevada’s small business loans are often targeted toward businesses owned by women and minorities, or those that have few employees.

Grants come with stipulations though, as the funder usually has specific goals that they want to accomplish with their money. This can be problematic when bills are piling up and the grant money can’t be used to pay them. Money used for purposes outside the stipulations of the grant must be repaid or can be considered fraud.

Grants are also not a great option when you’re in a financial pinch. Grant applications are often processed at a glacial pace. There’s limited capital to go around, and the funder carefully reviews the applications to ensure only the most deserving applicant gets the money. 

Nevada Small Business Grants

The state of Nevada maintains an excellent list of grant opportunities from non-profits to the federal government. These are just a few of the grants most conducive to growing a small business in the Silver State.

Clark County Nevada Small Business Grant

This is one of the best options for small business grants in Las Vegas, providing up to $30,000 to businesses operating in the unincorporated areas of Clark County. Funds can be used to pay rent, utilities, and payroll. Smaller businesses with fewer than 25 employees are only eligible for $15,000.

NVenture

Businesses operating in Nevada with annual sales between $50,000 and $700,000 are eligible for financial assistance, business development counseling, along with economic and demographic data. Grant applications are evaluated on the strength of the applicant’s business model, the quality of its management team, and the ability to make a return on investment. 

Amber Grant

This $25,000 grant for women was created as a way to honor Amber Wigdahl, a 19-year-old who passed away before having the chance to fulfill her entrepreneurial dreams. To apply you just need to write a few paragraphs telling your story and hopes for your business. 

Eileen Fisher Women-Owned Business Grant

The popular clothing brand provides grants of up to $40,000 to women who own a business and are making a positive social or environmental impact in their community. You only need to fill out a short online application to be eligible for the grant.

National Association for the Self Employed Growth Grant

The National Association for the Self Employed (NASE) is a members-only organization consisting of entrepreneurs and small business owners. They provide legal assistance, health insurance plans, website design, and a host of other useful programs for small businesses. NASE also awards grants of up to $4,000 to member businesses, with applicants submitting a business plan and description of how NASE funds would be used to grow their business.

Alternatives To Grants: Fixed Rate Funding

On the surface, grants can look like free money, making them attractive to businesses trying to get a foothold on the ladder to profitability. It’s not quite that simple though; grants come with numerous strings attached. Most don’t give you the flexibility to spend the money as you wish. Additionally, grants rarely provide enough funding to initiate substantial growth. Sometimes a fixed rate loan can be a better option for a developing business. 

A fixed rate loan from LendThrive can provide your small business with up to $150,000 of working capital and the approval process takes less than 48 hours. Interest rates decline over the life of the loan as you make on-time payments. To learn how LendThrive can help your business grow, check out the loan calculator to see what you’re eligible for, and fill out an application to get approved today!