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.
About the U.S. Small Business Administration
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The U.S. Small Business Administration helps power the American dream of business ownership. 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.