The Small Business Administration has announced a $7.2 million grant award to 38 organizations under the Program for Investment in Micro-Entrepreneurs (PRIME) – a $1.7 million increase, up 30 percent from last year’s allocated $5,500,000 in funding.
The PRIME award will support these nonprofit organizations as they help low-income entrepreneurs receive financing to establish and expand their small businesses or provide capacity-building training for other organizations that provide capital to underserved 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 that 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. 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.”
Grant funds will be made available on September 30, 2022, and the project period for each grant is one year. The PRIME grants range from $75,000 to $250,000 and typically require at least 50 percent in matching funds or in-kind contributions.
