WASHINGTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — Today, Administrator Isabella Casillas Guzman, head of US Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s cabinet, announced $7.2 million in grant awards to 38 organizations Microentrepreneur Investment Program (PRIME), an increase of $1.7 million, up 30% from last year’s $5,500,000 commitment. The PRIME award will support this nonprofit organizations as they help low-income entrepreneurs obtain funding to start and grow their small businesses, or provide capacity-building training for other organizations that provide capital to underserved small businesses.
Consistent with the President’s mission to create an economy that works for all, Administrator Guzman has led the SBA to prioritize equity in all of its offerings and increase support for entrepreneurs from underserved communities at every stage of the entrepreneurial journey. PRIME assists in the implementation of the above strategic objectives and others detailed in the agency’s objectives Equal Opportunity Action Planthat aims to break down barriers to accessing capital while deepening collaboration with trusted community organizations.
“Our SBA PRIME grants provide critical support to nonprofits that provide small businesses across America with the technical support and training they need to continue fueling our nation’s strong economic recovery and transition to strong, resilient growth.” said SBA Administrator Guzman. “This year, in our PRIME grant selection process, SBA focused on our nonprofit partners who can best bring federal funds to life, particularly in the regions and communities where it is most needed. 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.”
Congress established PRIME as part of the Program for Investment in Microentrepreneurs Act 1999. Grant funds will be available on September 30, 2022 and the project duration for each grant is one year. In this year’s competition, the SBA placed a special focus on projects that strengthen economically disadvantaged companies, especially those that support entrepreneurs in rural areas and foreign-language small business owners, through training and technical assistance.
PRIME grants range from $75,000 to $250,000 and typically require at least 50 percent in matching funds or in-kind contributions.
For more information on SBA’s PRIME grants and a list of this year’s grant recipients, visit www.sba.gov/content/prime-grantees.
About the US Small Business Administration
The US Small Business Administration is helping to advance the American dream of business ownership. As the single point of contact and voice for small businesses, backed by the strength of the federal government, the SBA provides entrepreneurs and small business owners with the resources and support they need to start, grow, expand, or diversify their business a statement to recover disaster. It offers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.