SBA Announces $7 Million in PRIME Grants to Support Low-Income Microentrepreneurs

Date:

Share post:


The U.S. Small Business Administration (SBA) has announced the awarding of $7 million in PRIME grants to 28 nonprofit organizations across the country. These grants are part of the 2024 Program for Investment in Microentrepreneurs (PRIME) and are aimed at providing training, program development, and increased access to capital for disadvantaged microentrepreneurs.

SBA Administrator Isabel Casillas Guzman highlighted the importance of these grants in supporting the Biden-Harris Administration’s efforts to bridge capital gaps for small businesses, particularly in underserved communities.

“The SBA’s PRIME grants support mission-oriented nonprofit organizations across America that are advancing the Biden-Harris Administration’s efforts to fill capital gaps so more Americans can start and grow their businesses successfully. These 28 community organizations will help the SBA strengthen its network of local, trusted partners who can level the playing field for the smallest of small businesses, especially those in underserved communities, so they can realize their American dreams of business ownership and create jobs and produce for our economy,” said Administrator Guzman.

This year’s PRIME grant awards emphasize support for organizations that assist under-resourced small business owners, including those in rural areas and those providing technical assistance in multiple languages for entrepreneurs who are not proficient in English. The grants are intended to help these community organizations level the playing field for the smallest of small businesses, enabling them to achieve business ownership, create jobs, and contribute to the economy.

The 2024 PRIME grants range from $83,000 to $400,000 and typically require at least 50% in matching funds or in-kind contributions from the recipient organizations. These funds will be available starting September 30, and the project period for each grant is one year.


More in: Small Business Grants




LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Entrepreneur Combines Passions for Baseball and Woodworking

Baseball is a sport steeped in tradition and nostalgia. But one entrepreneur in Baldwin City, Kansas is...

Why the FTC Charged Sitejabber With Fake Ratings and Reviews

The Federal Trade Commission banned businesses from writing and buying their...

This Florida city was hit hard when the 2008 housing bubble burst—now prices are falling again

Want more housing stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the free, daily ResiClub newsletter. At the height of the pandemic...

Starbucks baristas and customers have one message to new CEO: change! – Investorempires.com

<!-- Starbucks baristas and customers have one message to new CEO: change! – Investorempires.com ...