Jane Edwards
The Small Business Administration has awarded $7.2 million in grants to 38 organizations under a program that seeks to support nonprofit organizations that help low-income entrepreneurs secure funding to expand their small businesses.
SBA said Friday the Program for Investment in Micro-Entrepreneurs or PRIME is a competitive grant effort that enables these organizations to offer training and technical support to underserved 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,” said SBA Administrator Isabella Casillas Guzman.
“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,” added Guzman.
SBA said grant funds under PRIME, which was established by Congress through the Program for Investment in Microentrepreneurs Act of 1999, will be made available by the end of September.
PRIME helps SBA meet the goals outlined in its Equity Action Plan, which intends to reduce barriers to capital access and strengthen engagement with community organizations.
Click here to view the full list of grant recipients.
