SBA Awards $5 Million in PRIME Grants to Help Emerging Micro-entrepreneurs Gain Access to Capital

San Francisco – The U.S. Small Business Administration announced that $249,741.81 has been awarded  to the California Association for Microenterprise Opportunity (CAMEO) and $89,183 has been awarded to Working Solutions to help low-income entrepreneurs gain access to capital through the Program for Investment in Micro-Entrepreneurs PRIME.

“The SBA is proud to help small businesses access capital while also ensuring they have access to the resources and training needed to create healthy, sustainable businesses,” SBA Acting Administrator Chris Pilkerton said.

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 130 organizations applied for PRIME grants for 2019.  

Working Solutions will use the 2019 PRIME Grant to provide training and technical assistance to disadvantaged entrepreneurs.

“Working Solutions is excited to expand our long-term partnership with the SBA, now as a PRIME grantee,” said Sara Razavi, CEO of Working Solutions. “Funding will help us continue to reach more start-up and early-stage entrepreneurs in the San Francisco Bay Area, especially those who are disadvantaged because of systemic discrimination, and provide them with access to capital and technical assistance to build strong, sustainable businesses.”

CAMEO will use the grant funding to provide training and capacity building services to Microenterprise Development Organizations, microenterprise development programs, and groups of such organizations to assist them in developing microenterprise training and services. 

“We are more than excited for the work that this PRIME grant allows us to do in the next year,” said Carolina Martinez, CEO of CAMEO. “This grant will allow CAMEO to build the capacity of business advising organizations and microlenders to use online tools more efficiently and meet the needs of their clients.  The big winners in this grant will be the business owners in the underserved communities throughout California that ultimately will benefit and see their businesses thrive.”

PRIME was created by Congress as part of the Program for Investment in Microentrepreneurs Act of 1999. Grant funds will be made available on September 30, 2019, and the project period for each grant is one year.

For more information on the SBA’s PRIME grants and a list of this year’s grantees, go online to www.sba.gov/content/prime-grantees.

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About the U.S. Small Business Administration 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. To learn more visit www.sba.gov.

SOURCE: U.S. Small Business Administration