SBA Awards $5.2 Million in PRIME Grants to Help Emerging Micro-entrepreneurs Gain Access to Capital
[ Article was originally posted on www.sba.gov ]
“The Biden-Harris Administration and Congress have worked together tirelessly to ensure our nation's small businesses have the resources they need to survive this pandemic and build back better,” said SBA Administrator Isabella Casillas Guzman. “This year, SBA focused our PRIME grant selection process on our nonprofit partners who can best bring federal resources to life, especially in the regions and communities where they are needed most. I look forward to partnering with these organizations as they help us connect America’s entrepreneurs with the capital they need to start and grow their enterprises."
Congress established PRIME as part of the Program for Investment in Microentrepreneurs Act of 1999. Grant funds will be made available on September 30, 2021, and the project period for each grant is one year.
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 Opportunity Zones, rural areas, and HUBZones.
Among this year’s 27 recipients, 15 provide services in Opportunity Zones and 12 provide services in HUBZones. Nearly 9,000 communities in all 50 states, the District of Columbia, and five U.S. territories have been designated as Opportunity Zones.
The PRIME grants range from $75,000 to $250,000, and typically require at least 50 percent in matching funds or in-kind contributions. In total, over 101 organizations applied for PRIME grants for 2021.
For more information on the SBA’s PRIME grants and a list of this year’s grantees, visit https://www.sba.gov/document/support-prime-grantees.
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