The US Small Enterprise Administration (SBA) has awarded 27 organizations Program for Funding in Micro-Entrepreneurs (PRIME) grant awards. The PRIME enterprise grants equate to a complete of $5.2 million.
Micro-Entrepreneurs Awarded $5.2M in PRIME Enterprise Grants
The PRIME grant awards are designed to help nonprofit organizations centered on serving to entrepreneurs on low incomes get adequate financing to ascertain and increase their enterprise. The organizations present small enterprise homeowners with direct technical help. Additionally they present capacity-building coaching for organizations that present capital to undeserved small companies.
PRIME Grant Choice Course of
PRIME was established by Congress as a part of the Program for Funding in Microentrepreneurs Act of 1999.
Small companies throughout the US have been hit laborious by the pandemic, making it extra very important than ever they’ve the appropriate sources and coaching to assist nurture progress. That is particularly prevalent in economically-deprived communities that always lack the appropriate services for progress.
The PRIME grant funds are designed to assist bridge such gaps, funding nonprofits so they’re higher geared up to help small companies that could be struggling.
This yr’s choice course of was particularly centered on initiatives that can present coaching and technical help to assist strengthen companies which can be economically deprived.
Particular emphasis was additionally given to organizations that present companies to entrepreneurs situated in rural areas, and people in Alternative Zones. Alternative Zones present a tax break wherein buyers can use capital positive factors to help long-term financial growth in virtually 9.000 designated low-income communities all through the US.
Emphasis was additionally given to these in HUBZones, that are traditionally underutilized enterprise zones.
As SBA Administrator, Isabella Casillas Guzman, feedback on the main focus of the PRIME grant choice course of:
““The Biden-Harris Administration and Congress have labored collectively tirelessly to make sure our nation’s small companies have the sources they should survive this pandemic and construct again higher.
“This yr, SBA centered our PRIME grant choice course of on our nonprofit companions who can finest carry federal sources to life, particularly within the areas and communities the place they’re wanted most. I stay up for partnering with these organizations as they assist us join America’s entrepreneurs with the capital they should begin and develop their enterprises,” Casillas Guzman mentioned.
A complete of 101 organizations utilized for PRIME grants in 2021. Out of the 27 recipients of the PRIME grant awards, 15 present companies to Alternative Zones. 12 present companies in HUBZones.
The grant awards vary from $75,000 to $250,000. Recipients are sometimes required to offer at the least 50% in matching funds or in-kind contributions.
Grant funds might be made obtainable on September 30, 2021.