Small business owners in Nebraska in search of financial assistance need look no further.
The Nebraska Small Business Assistance Act (NSBAA) Program is now available to support individuals looking to start a small business or expand a small business they opened within the past five years.
This program offers new business grants up to $25,000 and existing business grants up to $12,500. Grant funding can be used for startup costs, working capital, franchise fees, equipment, inventory, or the purchase or renovation of a place of business.
Additionally, qualified individuals can expect to see benefits including access to professional services such as strategic planning, accounting, and budgeting, tax return preparation, payroll processes, website development, or assistance setting up an LLC.
The Nebraska Legislature authorized $4.2 million for NSBAA Program expenditures in 2023 and 2024.Individuals who submitted program inquiries during 2023 are being reviewed and contacted by program administrators. Pre-applications will be accepted on a rolling basis until all funds are exhausted, unless the funding is renewed.
Anyone interested in the program can review eligibility requirements at grownebraska.org/nebraska-small-business-assistance-act/, then submit an application form. Given strong interest in the program, priority will be given to applicants with developed business concepts that clearly identify targeted customer markets and forecast revenues for three years, providing detailed projections of sales in year one.
The NBSAA Program was authorized by Legislative Bill 450 in 2022, and the state Department of Economic Development has contracted with the GROW Nebraska Foundation to administer it. The Center for Rural Affairs is assisting in implementation, alongside GROW Nebraska Foundation, GROW Nebraska Women’s Business Center, and Nebraska Enterprise Fund.
Find a one-page overview of the program at: grownebraska.org/wp-content/uploads/2020/07/NSBAA-One-sheeter.pdf.
