Aaron Ford promises to rebuild a dormant small-business loan fund he created, faulting Lombardo for just two loans

What happened

Nevada Attorney General Aaron Ford, the Democratic nominee for governor, is making small-business lending a talking point in his challenge to Gov. Joe Lombardo, the Las Vegas Sun reported. Ford says that if elected he would reinvest in a state loan program he sponsored as a state senator. The program is now called the Nevada Opportunity Fund.

According to the Sun, the fund has shrunk since it was created and gets little promotion from the state. Ford said he would focus on "growing and spreading awareness of the small-business loan program." More on the governor's race is in our 2026 election coverage.

How the loan program has changed

Its start in 2017

Senate Bill 126, passed in 2017, set aside $1 million for low-interest loans to certified small businesses, including minority-owned, women-owned and other disadvantaged businesses. Ford, then the state Senate majority leader, sponsored the bill. The law called for an interest rate as low as practicable while still covering program costs.

One early borrower was AA Printing Service, in the southeast valley near UNLV, which received a $50,000 loan in the program's first year. Owner John Pinnington told the Sun he had struggled to pay for supplies and payroll. "Funding is the main thing small businesses need in a time like this," he said.

Where it stands now

The program gave more than $600,000 of the original $1 million to 16 small businesses before going dormant in 2023, according to the Nevada Governor's Office of Economic Development. In 2025, the Lombardo administration placed it under the Rural Nevada Development Corp., a nonprofit lender. Corporation officials told the Sun it has made loans to two businesses through the program since 2025, and the fund holds a little under $250,000.

What each campaign is saying

Ford's criticism

"Under Joe Lombardo's administration, the program has stagnated, only giving out two loans in his entire tenure as governor," Ford said, calling the result "unacceptable." He argued that because a rural-focused nonprofit runs the program, businesses outside rural areas may not know they qualify. The Sun noted the corporation's website does not clearly say which businesses are eligible.

During a visit last month to Bloomers Florist in central Las Vegas, owner Valeria Varela told Ford she uses her own car for deliveries on busy days. Ford suggested the loan program could help her finance a second van.

The state and Lombardo respond

The Governor's Office of Economic Development said the Rural Nevada Development Corp. still serves the program's goal of helping women- and minority-owned businesses, pointing to about 20,000 women-owned businesses in Nevada outside Clark and Washoe counties. Communications director Carli Smith wrote that "the goal has always been to maximize the impact of the available resources."

Lombardo has not released a small-business plan for a second term, the Sun reported, but he has highlighted job growth. His campaign said Nevada has added 100,000 new jobs, cut 900 regulations and lowered the modified business tax rate by 15% under his leadership. The political action committee of the National Federation of Independent Business endorsed Lombardo on Sept. 15.

Pressure on small businesses

The Sun cited national figures showing strain on small firms. The Center for American Progress estimated in March that roughly 236,000 small-business importers paid an average of $306,000 more in tariffs over a 12-month period. Epiq AACER reported that Subchapter V bankruptcy filings for small businesses rose 67% in the first quarter of 2026 from a year earlier.

Ford pointed out that the Retail Association of Nevada, which backed Lombardo in 2022, has endorsed him this time. He said the switch reflects his plan to help small businesses dealing with President Donald Trump's tariffs.

What to watch next

• Whether Lombardo releases a small-business plan for a second term, which the Sun reported he has not yet done.
• Ford's pledge to reinvest in and promote the Nevada Opportunity Fund if he is elected governor.
• Whether the Rural Nevada Development Corp. clarifies online which businesses are eligible for the fund, which holds a little under $250,000.