$8 million to support micro-entrepreneurs
The resources are part of the PRIME grant plan of the Small Business Administration (SBA).
MORE IN THIS SECTION
Administrator Isabella Casillas Guzmán, head of the U.S. Small Business Administration (SBA), recently announced the winners of the 2023 Program for Investment in Microentrepreneurs (PRIME) grant awards.
Casillas Guzmán pointed out in a press release:
SBA PRIME grants support nonprofit organizations that are on the ground locally providing assistance to small businesses so they can get capital ready and access funding to start and grow resilient businesses.
With the goal of providing training, technical assistance, access to capital, and program development for disadvantaged microentrepreneurs and microenterprise development organizations, this year's $8 million PRIME grants will provide funding and support to 32 organizations across the U.S.
Guided by the Biden-Harris administration's Invest in America agenda, the SBA placed special emphasis on organizations that support rural entrepreneurs and provide technical assistance in their language to a variety of small, rural-owned businesses.
“With these 32 community partners, the Biden-Harris Administration is helping to eliminate barriers and fill capital gaps for small businesses, especially in underserved communities, so they can access opportunities as we Invest in America,” added Casillas Guzmán.
SBA PRIME grants support local nonprofits that help small businesses get capital-ready. With these 32 community partners, the Biden-Harris Administration is helping eliminate barriers, fill capital gaps, and increase opportunity for underserved businesses so they can thrive. https://t.co/HoPdfOyYQa— Isabel Guzman (@SBAIsabel) August 29, 2023
About the Grants
SBA notes that Congress established PRIME grants as part of the Program for Investment in Microentrepreneurs Act of 1999 for organizations committed to helping low-income entrepreneurs gain access to capital to establish and expand their small businesses.
Resources for 2023 PRIME grants range from $100,000 to $400,000 and generally require at least 50% in matching funds or in-kind contributions.
Grant funds will be available on Sep. 30, 2023, and the project period for each grant is one year.
For more information on SBA PRIME grants and a list of this year's recipients, click here.