SBA announces $7 million in PRIME grants for low-income microentrepreneurs

SBA announces $7 million in PRIME grants for low-income microentrepreneurs

Economics
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Isabel Casillas Guzman, Administrator | U.S. Small Business Administration

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Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) announced today the allocation of $7 million in PRIME grants to 28 awardees for 2024. The Program for Investment in Microentrepreneurs (PRIME) aims to support low-income microentrepreneurs through these grants.

“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.”

The funds will assist organizations offering training, technical assistance, access to capital, and program development for disadvantaged microentrepreneurs and microenterprise development organizations. The SBA has emphasized support for under-resourced small business owners, including those in rural areas and non-English proficient entrepreneurs.

The 2024 PRIME grants range from $83,000 to $400,000 and require at least 50% in matching funds or in-kind contributions. Grant funds will be available on September 30, with a project period of 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.

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As a resource backed by the federal government, it empowers entrepreneurs with necessary resources and support to start, grow or expand their businesses or recover from declared disasters. Services are delivered through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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