WASHINGTON, Sept. 28, 2018 /PRNewswire/ -- Thirty-two community-based organizations that provide assistance to underserved entrepreneurs across the United States are set to receive a combined $5 million in grants from the U.S. Small Business Administration's Program for Investment in Micro-Entrepreneurs (PRIME). These organizations help low-income entrepreneurs gain access to capital to establish and expand their small businesses.
This year's 32 recipients come from 24 states and the District of Columbia. The grants range from $75,000 to $250,000 and typically require at least 50 percent in matching funds or in-kind contributions. In total, 111 organizations applied for PRIME grants for 2018.
"The SBA really has such a vital role not only in helping small businesses access capital, but also to ensure they have access to the resources and training needed to create healthy, sustainable businesses," SBA Administrator Linda McMahon said. "This year's PRIME grant awardees are dedicated to providing underserved entrepreneurs with the necessary tools to strengthen their businesses and create more jobs."
The SBA placed special emphasis in this year's competition on projects that will offer training and technical assistance to strengthen economically disadvantaged businesses, particularly those that service entrepreneurs in rural areas and HubZones.
This year's awards also emphasized organizations participating in the SBA's Community Advantage Program. This program provides mission-oriented, nonprofit lenders access to the SBA's 7(a) loan guarantees to help small businesses that have outgrown microlending but are not able to access more traditional financing including funding from SBA commercial lending partners. Eight Community Advantage Lenders were selected for PRIME grant awards.
PRIME was created by Congress as part of the Program for Investment in the Micro-Entrepreneurs Act of 1999. Grant funds will be made available on September 30, 2018, and the project period for each grant is one year.
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.