Governor Joe Lombardo, alongside the Governor’s Office of Economic Development (GOED) and Nevada Battle Born Growth Escalator, Inc., has recognized GenuBank as the 2024 State Small Business Credit Initiative (SSBCI) Bank of the Year. This annual award honors a Nevada lender for its outstanding efforts in engaging with the GOED-administered SSBCI Program to enhance access to capital for small businesses in Nevada.
The award ceremony took place in the Governor’s Office, attended by executives from GenuBank and representatives from GOED, the Nevada Bankers Association, and Nevada Battle Born Growth Escalator, Inc. Governor Lombardo expressed his appreciation for GenuBank's contributions: “Supporting our state’s small businesses is a top priority for my administration, and GenuBank has set the standard for what it means to be a true partner in this initiative.” He encouraged other lenders to follow GenuBank’s example by participating in SSBCI to provide essential capital that fuels economic growth and job creation across Nevada.
The SSBCI program was reauthorized through the American Rescue Plan Act of 2021. It offers federal funds to states aimed at bolstering small business lending and investments into startups. Karsten Heise, senior director of strategic programs & innovation and SSBCI program manager, highlighted the program's effectiveness: “The SSBCI Program is a highly effective federal program to provide small businesses which form the backbone of Nevada’s economy with much needed capital.”
In 2024 alone, GenuBank facilitated over $8.5 million in loans supported by SSBCI. These funds aided various Nevada-based businesses, including early-stage manufacturers and rural service providers, contributing to the protection and creation of 300 jobs. John Dru, President of GenuBank, stated: “We are honored to receive this recognition,” noting that SSBCI enabled them to approve more financing opportunities during challenging times for small businesses.
Phyllis Gurgevich, president and CEO of the Nevada Bankers Association, emphasized the importance of such programs: “Programs like SSBCI help bridge lending gaps and unlock opportunity.” She noted that awards like these not only recognize leadership but also encourage both lenders and borrowers to utilize available tools for economic growth.
For further details on SSBCI programs in Nevada or inquiries about participation, visit www.nvsmallbiz.org or contact info@nvsmallbiz.org.