The Small Business Administration recently awarded $5 Million in PRIME Grants Funds to finance Training & Technical assistance to disadvantaged entrepreneurs. Thirty-nine community-based organizations across the United States that provide assistance to disadvantaged entrepreneurs are set to receive $5 million in grants from the U.S. Small Business Administration’s (SBA) Program for Investment in Micro-Entrepreneurs (PRIME).
These organizations help low-income entrepreneurs gain access to capital to establish and expand their small businesses. “By training low-income and disadvantaged micro-entrepreneurs on how to grow their businesses, particularly through the smart use of information technology, the PRIME Program helps small businesses thrive in a 21st century economy,” said Administrator Maria Contreras-Sweet, head of the SBA.
“The beauty of PRIME is that it assists small businesses and micro-entrepreneurs to become lender ready, complementing the roughly $140 million approved this year through SBA’s mission-based lending programs.” This year’s 39 recipients come from 16 states, Puerto Rico and the District of Columbia. The grants range from $35,000 to $200,000 and typically require at least 50 percent in matching funds or in-kind contributions. In total, 104 organizations applied for PRIME awards.
SBA placed special emphasis in this year’s competition on applications for projects utilizing information technology and software to help small businesses start, strengthen and/or grow. Assisting small businesses with the tools needed to implement automated financial accounting, financial reporting, inventory management and web-based marketing and distribution is emerging as an industry best practice among SBA’s most successful microlenders.
This year’s awards also emphasized organizations participating in SBA’s Community Advantage Program. This program provides mission-oriented, non-profit lenders access to SBA’s 7(a) loan guarantees to help small businesses that have outgrown microlending but are not able to access more traditional financing, including funding from SBA commercial lending partners.
Twenty SBA Community Advantage lenders submitted applications, and 13 were selected for PRIME awards. PRIME was created by Congress as part of the Program for Investment in microentrepreneurs Act of 1999.
For more information on PRIME grants and a list of this year’s grantees, visit http://www.sba.gov/content/prime-grantees.
|Communities Unlimited, Inc.||Fayetteville||AR|
|Agriculture and Land-Based Training Association||Salinas||CA|
|Ampac Tri-State CDC||Grand Terrace||CA|
|Fresno Community Development Financial Institution||Fresno||CA|
|OBDC Small Business Finance||Oakland||CA|
|Pacific Asian Consortium In Employment (PACE)||Los Angeles||CA|
|Renaissance Entrepreneurship Center||San Francisco||CA|
|Valley Economic Development Center||Van Nuys||CA|
|Vermont-Slauson LDC, Inc.||Los Angeles||CA|
|Credit Builders Alliance||Washington||DC|
|Tampa Bay Black Business Investment Corporation||Tampa||FL|
|Kentucky Highlands Investment Corporation||London||KY|
|Harbor Bank CDC||Baltimore||MD|
|Maryland Capital Enterprise||Easton||MD|
|Justine Petersen Housing and Reinvestment Corporation||St. Louis||MO|
|Montana Community Development Corporation||Missoula||MT|
|Greater Newark Enterprises Corporation||Newark||NJ|
|Union County Economic Development Corporation (UCEDC)||Cranford||NJ|
|Business Outreach Center Network, Inc.||Brooklyn||NY|
|Community Capital New York, Inc.||Hawthorne||NY|
|Ibero American Action League, Inc.||Rochester||NY|
|NYBDC Local Development Corporation||Albany||NY|
|Economic and Community Development Institute||Columbus||OH|
|Rural Enterprises of Oklahoma, Inc.||Durant||OK|
|Adelante Mujeres||Forest Grove||OR|
|Micro Enterprise Services of Oregon||Portland||OR|
|Community Capital Works (dba Entrepreneur Works Fund)||Philadelphia||PA|
|The Enterprise Center||Philadelphia||PA|
|Corp. Para El Financiamiento Empresarial Del Com. Y De Las Comunidades (COFECC)||San Juan||PR|
|Southeast Community Capital Corporation dba Pathway Lending||Nashville||TN|
|LiftFund, Inc.||San Antonio||TX|
|National Association for Latino Community Asset Builders||San Antonio||TX|
|Washington Community Alliance for Self-Help||Seattle||WA|
|Wisconsin Women’s Business Initiative Corporation||Milwaukee||WI|