The U.S. Small Business Administration (SBA) has unveiled a significant investment of $7 million in PRIME grants, benefitting 28 nonprofit organizations nationwide. These grants form part of the 2024 Program for Investment in Microentrepreneurs (PRIME), designed to enhance training, program development, and access to capital for disadvantaged microentrepreneurs.
SBA Administrator emphasized the critical role of these grants in advancing efforts to bridge capital gaps for small businesses, particularly within underserved communities.
The PRIME grants underscore the commitment to supporting mission-driven nonprofit organizations that assist under-resourced small business owners, especially in rural areas and those requiring technical assistance in multiple languages. The initiative seeks to empower the smallest businesses, fostering entrepreneurship, job creation, and economic contributions.
This year’s PRIME grant amounts range from $83,000 to $400,000, with a requirement of at least 50% in matching funds or in-kind contributions from the recipient organizations. The funds will be accessible beginning September 30, with a project period of one year for each grant.
Stay tuned for more updates on small business grants and initiatives aimed at enhancing economic opportunities.
