The U.S. Small Enterprise Administration (SBA) has introduced the awarding of $7 million in PRIME grants to twenty-eight nonprofit organizations throughout the nation. These grants are a part of the 2024 Program for Funding in Microentrepreneurs (PRIME) and are aimed toward offering coaching, program growth, and elevated entry to capital for deprived microentrepreneurs.
SBA Administrator Isabel Casillas Guzman highlighted the significance of those grants in supporting the Biden-Harris Administration’s efforts to bridge capital gaps for small companies, significantly in underserved communities.
“The SBA’s PRIME grants help mission-oriented nonprofit organizations throughout America which are advancing the Biden-Harris Administration’s efforts to fill capital gaps so extra Individuals can begin and develop their companies efficiently. These 28 neighborhood organizations will assist the SBA strengthen its community of native, trusted companions who can degree the enjoying subject for the smallest of small companies, particularly these in underserved communities, to allow them to notice their American desires of enterprise possession and create jobs and produce for our financial system,” mentioned Administrator Guzman.
This 12 months’s PRIME grant awards emphasize help for organizations that help under-resourced small enterprise homeowners, together with these in rural areas and people offering technical help in a number of languages for entrepreneurs who will not be proficient in English. The grants are meant to assist these neighborhood organizations degree the enjoying subject for the smallest of small companies, enabling them to realize enterprise possession, create jobs, and contribute to the financial system.
The 2024 PRIME grants vary from $83,000 to $400,000 and sometimes require at the very least 50% in matching funds or in-kind contributions from the recipient organizations. These funds might be obtainable beginning September 30, and the undertaking interval for every grant is one 12 months.