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

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.

This article, "SBA Announces $7 Million in PRIME Grants to Support Low-Income Microentrepreneurs" was first published on Small Business Trends