College of Southern Nevada (CSN) has been announced as one of the grant recipients for the 2023 Minority Business Development Agency (MBDA) Capital Readiness Program. In total, CSN will receive around $3 million over the next four years which will go towards the work done by the Silver State Capital Readiness Consortium (SSCRC). Comprising three SEDI-serving organizations—CSN Small Business and Entrepreneurship Development (SBED), Access Community Capital, and the Urban Chamber of Commerce—the SSCRC will deliver a combination service model of both incubator and accelerator services to SEDI-owned businesses.
Below are reactions from key members of the Silver State Capital Readiness Consortium:
“This grant will make a real difference in the lives of Southern Nevadans,” said CSN President Dr. Federico Zaragoza. “We’ll help train thousands of entrepreneurs across the region, giving them a better chance to succeed and help our entire community prosper. We know from experience that NV Grow solves real world problems, and growing the program is an exciting opportunity for small businesses in Southern Nevada”.
“We are so thrilled to have been funded by the MBDA and working with outstanding partners, Access Community Capital and the Urban Chamber of Commerce,” said CSN North Las Vegas Campus Vice President, Clarissa Cota. “Nevada is home to over 100,000 minority owned small businesses representing 36% of all businesses. This grant will allow us to assist at a grass-roots level the thousands of SEDI entrepreneurs right here in our Southern Nevada community”.
“As an advocate for the NV Grow Program, I know the impact having the proper resources and support can have on an underserved business,” said Eric Garner, Director of SBED. “I am really looking forward to working with our Consortium partners over the next four years to help even more Nevada small businesses grow and scale”.
“With poverty rates for underserved groups in Nevada up to twice the national average, this initiative is critical and recognizes Nevada as a uniquely qualified location for our Consortium to maximize its impact,” said Nic Steele, Executive Director of Access Community Capital. “The Consortium will provide Nevada entrepreneurs with the essential tools, education, and opportunities to successfully launch and grow thriving businesses”. “This is a pivotal moment for our community,” said CH Miller, President of the Urban Chamber of Commerce. “Being selected for the MBDA’s Capital Readiness Program not only validates our dedication but also amplifies our efforts to cultivate a diverse and inclusive economy in Nevada. By focusing on businesses within the most disadvantaged communities, this collaboration aims to break down barriers and uplift entrepreneurs who have historically faced challenges in accessing resources and growth opportunities”.
With the grant money, the SSCRC plans to accomplish the following goals within the next 4 years:
A.) Enroll a total of 9600 SEDI entrepreneurs through a joint consortium website.
B.) Develop four different consortium curricula that would develop and graduate a total of 1200 SEDIs.
C.) Hold 120 networking events with 25% held in-person or virtually for rural SEDIs in Nevada.
D.) Facilitate 2400 SEDI-owned businesses through the State Small Business Credit Initiative (SSBC).
F.) Raise a total amount of capital (equity investments, debt, grants) of $15 million.
The Capital Readiness Program is a $125 million technical assistance program to help underserved entrepreneurs grow and scale their businesses. MBDA’s Capital Readiness Program is funded by the Department of Treasury’s State Small Business Credit Initiative (SSBCI) and was reauthorized under the American Rescue Plan Act of 2021.
