SBA Administrator Guzman Announces $7 Million in PRIME Grants to Serve Low-Income Microentrepreneurs
WASHINGTON, Aug. 02, 2024 (GLOBE NEWSWIRE) -- – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, announced 28 awardees for the 2024 Program for Investment in Microentrepreneurs (PRIME) grant awards, totaling $7 million.
“The SBA’s PRIME grants support mission-oriented nonprofit organizations across America that are advancing the Biden-Harris Administration’s efforts to fill capital gaps so more Americans can start and grow their businesses successfully,” said Administrator Guzman. “These 28 community organizations will help the SBA strengthen its network of local, trusted partners who can level the playing field for the smallest of small businesses, especially those in underserved communities, so they can realize their American dreams of business ownership and create jobs and produce for our economy.”
This year’s $7 million PRIME grant awards will provide funding and support to organizations offering training, technical assistance, access to capital, and program development for disadvantaged microentrepreneurs and microenterprise development organizations. Under the Biden-Harris Administration’s Investing in America agenda, the SBA has placed particular emphasis on organizations that support under-resourced small business owners – including those in rural areas and those that deliver technical assistance in various languages for entrepreneurs who are not proficient in English.
The 2024 PRIME grants range from $83,000 to $400,000 and typically require at least 50% in matching funds or in-kind contributions. Grant funds will be made available on September 30, 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.
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About the U.S. Small Business Administration
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. To learn more, visit www.sba.gov.
Christine Saah Nazer U.S. Small Business Administration 202-756-0304 Christine.SaahNazer@sba.gov
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