WASHINGTON, D.C. —The U.S. Small Business Administration (SBA) has announced the recent recipients of the 2024 Program for Investment in Microentrepreneurs (PRIME) grants, totaling $7 million. These grants aim to support mission-driven nonprofit organizations that provide crucial assistance to underserved microentrepreneurs across the nation.
“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 Isabel Casillas 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.”
Grant Details
This year’s $7 million in PRIME awards will fund organizations that offer training, technical assistance, and access to capital. The grants also support program development for disadvantaged microentrepreneurs and microenterprise development organizations. The Biden-Harris Administration’s Investing in America agenda places special emphasis on aiding under-resourced small business owners, including those in rural areas and non-English-speaking entrepreneurs.
Funding Breakdown
The 2024 PRIME grants range from $83,000 to $400,000. These grants typically require at least 50% in matching funds or in-kind contributions. The funds will be available starting September 30, with a project period of one year for each grant.
Objectives and Impact
The initiative aims to close capital gaps and provide essential resources to help microentrepreneurs thrive. Organizations receiving these grants will play a significant role in delivering technical assistance and other support services to help small businesses grow. By focusing on underserved communities, the PRIME grants aim to foster economic development and job creation, contributing to a more inclusive economy.
Empowering Small Businesses
The SBA’s PRIME grants are a vital tool in supporting the nation’s smallest businesses. By empowering nonprofit organizations with the necessary resources, the SBA is helping to ensure that microentrepreneurs have the opportunity to succeed and contribute to the broader economy. This year’s grant awards reinforce the agency’s commitment to fostering an equitable environment where all small business owners can achieve their entrepreneurial dreams.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.