WASHINGTON, Sept. 8, 2011 /PRNewswire-USNewswire/ -- One hundred nonprofit organizations from 44 states and the District of Columbia received grants under the Program for Investment in Microentrepreneurs Act (PRIME), the U.S. Small Business Administration announced today.
Grants will be used to provide business-based training and technical assistance to low-income and very low-income entrepreneurs to help them start, operate, or grow a small business. Grants will also be used to better equip community-based nonprofit organizations to provide training.
"In the midst of the economic downturn the country has been experiencing, SBA's PRIME grants are an increasingly important tool in our toolbox to help small businesses," said SBA Administrator Karen G. Mills. "With these grants to nonprofit organizations, more entrepreneurs will have access to the training and technical assistance they need to have their businesses grow, succeed, create jobs and promote stronger local economies."
PRIME grants are intended to help qualified community-based organizations provide training to small businesses with five or fewer employees that are economically disadvantaged, and businesses owned by low-income individuals, including those who live on Indian reservations and tribal lands.
The PRIME grants competition was open to all 50 states and territories, with about $7.9 million available for PRIME grants this year. Approximately $6.3 million was awarded to grantees that received funding in previous years to allow them to continue work in their communities begun in FY2009 and FY2010. Grants totaling approximately $1.67 million were awarded for new projects.
Grants ranged up to $227,500 this year and require a 50 percent match by each recipient organization. The PRIME grant is open to microentrepreneur training and technical assistance providers in all 50 states and U.S. territories, and has a one-year performance period, with four 12-month options. For a complete list of new and option year PRIME grants, visit http://www.sba.gov/content/prime-grantees and click on "2011."
For more information about all of the SBA's programs for small businesses, visit the SBA's website at http://www.sba.gov.
SOURCE U.S. Small Business Administration