Grants will help 32 organizations with program development and provide training and technical assistance to improve access to capital for economically disadvantaged microentrepreneurs
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced the awardees for the 2023 Program for Investment in Microentrepreneurs (PRIME) grant awards.
“SBA PRIME grants support nonprofit organizations that are on the ground locally providing assistance to small businesses so they can get capital ready and access funding to start and grow resilient businesses,” said Administrator Guzman. “With these 32 community partners, the Biden-Harris Administration is helping to eliminate barriers and fill capital gaps for small businesses, especially in underserved communities, so they can access opportunities as we Invest in America.
This year’s $8 million PRIME grant awards will provide funding and support to 32 organizations across America, offering training, technical assistance, access to capital, and program development for disadvantaged microentrepreneurs and microenterprise development organizations. Guided by the Biden-Harris Administration’s Investing in America agenda, the SBA placed special emphasis on organizations that support entrepreneurs in rural areas and deliver in-language technical assistance to diverse rural-owned small businesses.
Congress established PRIME grants as part of the Program for Investment in Microentrepreneurs Act of 1999 for organizations committed to helping low-income entrepreneurs gain access to capital to establish and expand their small businesses.
The 2023 PRIME grants range from $100,000 to $400,000 and typically require at least 50 percent in matching funds or in-kind contributions. Grant funds will be made available on September 30, 2023, 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, visit https://www.sba.gov/document/support-prime-grantees.