The U.S. Small Business Administration (SBA) announced that 58 non-profit organizations from 32 states and the District of Columbia will receive grant funding under the Program for Investment in Microentrepreneurs Act (PRIME) to assist low-income and very low-income entrepreneurs with training and technical assistance to start, operate, and grow their businesses.
Under the Program, grant funding is intended to support small businesses with five or fewer employees that are economically disadvantaged, and to businesses owned by low-income individuals, including those residing on Indian reservations and tribal lands through qualified organizations.
The grants received will be used to provide training and technical assistance to disadvantaged microentrepreneurs, capacity building services to organizations that assist with microenterprise training and services, and to aid in researching and developing the best practices in the field of microenterprise development and technical assistance programs for disadvantaged microentrepreneurs.
This year’s total program funding amounts to $5m and grants range up to $250,000 with 50 % match required of the recipient organization.
The PRIME grant has one year performance period, with four 12-month options.