$7.2 million will be earmarked for PRIME grants
Isabel Casillas Guzmán, SBA Administrator, announced that these resources are intended to support access to capital for emerging microentrepreneurs.
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38 organizations will benefit from resources to provide technical assistance and training services to economically disadvantaged businesses, small rural businesses, and foreign language entrepreneurs, as part of the Microentrepreneur Investment Program (PRIME).
This new grant represents an increase of $1.7 million or 30% over resources allocated last year ($5.5 million), and will serve to support nonprofits as they help low-income entrepreneurs to obtain financing to establish and expand their small businesses or provide capacity-building training for other organizations that provide capital to diverse small businesses.
Our SBA PRIME grants provide critical support for nonprofit organizations that are delivering needed technical assistance and training to America’s small businesses so they can continue to power our nation’s strong economic recovery and transition to strong, stable growth.
Helping to execute the strategic goals above and others outlined in the Agency's Equity Action Plan, aimed at reducing barriers to accessing capital while deepening engagement with trusted community organizations, this program is aligned with the mission of the Biden Administration to prioritize equity across all its offerings and increase support for entrepreneurs in diverse communities at every stage of the entrepreneurial journey, making the economy work for everyone.
Congress established PRIME as part of the Microentrepreneur Investment Program Act of 1999.
“This year, the SBA focused our PRIME grant selection process on our nonprofit partners who can best bring federal resources to life, especially in the regions and communities where they are needed most. I look forward to working with these organizations as they help us connect America’s entrepreneurs with the capital they need to start, grow and build resilient businesses,” added Casillas Guzmán.
The funds will be available on September 30, 2022 and the project period for each grant is one year.
PRIME grants range from $75,000 to $250,000 and typically require at least 50% in matching funds or in-kind contributions.
For more information on SBA's PRIME grants and a list of this year's recipients, click here.